2020 (5) TMI 134

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....n, C.A For the Respondent : Shri A.R.V. Sreenivasan, Addl. CIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: Both the appeals of the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-3, Coimbatore dated 02.08.2019 and pertains to the assessment year 2013-14. 2. Shri T.S.Rajarajeswaran, the Ld. Representative for the assessee submitted that the ....

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....ct market value. Placing reliance on the decision of ITAT, Hyderabad Bench in the case of G. Anitha vs. ITO 55 taxmann.com 538 (Hyd), the Ld. Counsel for the assessee submitted that when the assessee encumbered the property, the market value of the property need not be taken for computing the capital gain by applying s. 50C of the Act. In view of the above decision, according to Ld. Representative....

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....ne of the assessee Smt. Muragasamy Lalitha was suffering from Kidney failure. Therefore, the contention of the assessee that the property could not be sold for the market rate may have some justification. Moreover, in the case of G. Anitha (supra) Division Bench of ITAT, Hyderabad Behcn found that wherever there was an encumbrance, the value u/s. 50C of the Act need not be applied. The decision of....