ITAT Rules on Capital Gains Valuation: Building and Land Both Subject to Section 50C; Valuation Report Required.

ITAT Rules on Capital Gains Valuation: Building and Land Both Subject to Section 50C; Valuation Report Required. https://www.taxtmi.com/highlights?id=74956 Determination of value u/s 50C - Validity of order of CIT(A) directing the AO to recalculate the capital gain on sale of land taking total value of property of Rs. 6.05 Crs. after deducting value of Rs. 1.75 Crs. towards Building, Plant & Machinery - The ITAT held that, CIT [A] is not correct in holding that 50C valuation is not applicable to building. The assessee has not produced the copy of the Valuation Report to ascertain the value determined towards land alone or also building, plant & machinery. en-us Fri, 16 Feb 2024 07:29:52 +0530 Fri, 16 Feb 2024 07:29:52 +0530 TaxTMI RSS Generator ITAT Rules on Capital Gains Valuation: Building and Land Both Subject to Section 50C; Valuation Report Required. https://www.taxtmi.com/highlights?id=74956 Determination of value u/s 50C - Validity of order of CIT(A) directing the AO to recalculate the capital gain on sale of land taking total value of property of Rs. 6.05 Crs. after deducting value of Rs. 1.75 Crs. towards Building, Plant & Machinery - The ITAT held that, CIT [A] is not correct in holding that 50C valuation is not applicable to building. The assessee has not produced the copy of the Valuation Report to ascertain the value determined towards land alone or also building, plant & machinery. Highlights Income Tax Fri, 16 Feb 2024 07:29:52 +0530 https://www.taxtmi.com/highlights?id=74956