Smt. Shikha Singh Vs. ITO, Ambikapur

Parties Involved

Facts Summary

Smt. Shikha Singh, the assessee, had sold an immovable property for a sale consideration of Rs.21 lacs but did not disclose the capital gain in her income tax return for the assessment year 2017-18. The Assessing Officer initiated proceedings under Section 147 of the Income-tax Act, 1961, and issued a notice under Section 148. The assessee filed her return of income on 10.12.2022, declaring her income as originally returned. The Assessing Officer adopted the value of Rs. 37.02 lacs, the market value of the property at the time of executing the registered sale deed, as the deemed sale consideration under Section 50C of the Act and determined the income of the assessee at Rs.14,72,366/-. The assessee appealed against this order to the Commissioner of Income-Tax (Appeals), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer rightly adopted the value of Rs. 37.02 lacs as the deemed sale consideration under Section 50C of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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