2026 (4) TMI 124

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.... Vidya For the Respondent : Mr. J. Narayanaswamy Special Standing Counsel JUDGMENT DR. G. JAYACHANDRAN., J. This appeal is filed by the assessee, who is aggrieved by the concurrent findings of the Income Tax Appellate Tribunal (ITAT) and the order of the CIT (Appeals). 2. The short point involved in this case is that, a flat, which had devolved upon the assessee and her uncle, Mr.Kr....

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....375/- and she was directed to pay capital gains tax. 3. This assessment was subjected to appeal before the CIT (Appeals), who, in fact, considering the grounds, dismissed the appeal in favour of the Department. Challenging the same, the assessee approached the ITAT, which also declined to entertain the plea of the assessee. 4. When the matter was taken up for admission, this Court framed the....

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....ect property was initially owned by her grandmother, Mrs.Lakshmi Ammal. By a Will dated 27.06.1995, she bequeathed the property to the appellant and her uncle, Krishnan. After the demise of Lakshmi Ammal, both of them became the owners of the property and subsequently sold it for a consideration of Rs. 38,25,000/- after obtaining probate from the Hon'ble High Court. 6. While the District Collec....

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....and allowed the appeal, pointed out the correct legal position for fixing capital gains and the effect of valuation report of the Departmental Valuation Officer received in exercise of power under Section 50C of the IT Act. Therefore, the learned counsel submitted that the orders passed by the authorities as well as the ITAT are liable to be set aside and the guideline value of the property as on ....