https://www.taxtmi.com/caselaws?id=395101 The ITAT Chennai allowed both appeals by the assessee, setting aside the Commissioner of Income Tax's orders for the assessment year 2013-14. The Tribunal ruled in favor of the assessee in the computation of capital gain from a property sale, considering the property's mortgage and the owner's health issues, deviating from the strict application of section 50C of the Income Tax Act. The addition made by the Assessing Officer was deleted, emphasizing that in cases involving encumbrances, the guideline value need not be strictly applied. en-us Mon, 03 Feb 2020 00:00:00 +0530 Wed, 06 May 2020 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395101 The ITAT Chennai allowed both appeals by the assessee, setting aside the Commissioner of Income Tax's orders for the assessment year 2013-14. The Tribunal ruled in favor of the assessee in the computation of capital gain from a property sale, considering the property's mortgage and the owner's health issues, deviating from the strict application of section 50C of the Income Tax Act. The addition made by the Assessing Officer was deleted, emphasizing that in cases involving encumbrances, the guideline value need not be strictly applied. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395101