Farmer wins Rs 18.24 lakh tax dispute over land valuation
In short
Mr. Desai won a tax case at ITAT Surat after buying land for less than the stamp duty value. The Income Tax Department had tried to tax an Rs 18.24 lakh difference, but his Chartered Accountant fought it.
A Departmental Valuation Officer valued the land at Rs 14.08 lakh, which helped him win the dispute.
What the reporting says
Mr. Desai won an Rs 18.24 lakh tax dispute at ITAT Surat after buying land for less than the stamp duty value. The Income Tax Department had tried to tax the difference, but his Chartered Accountant challenged the claim. A Departmental Valuation Officer later appraised the land at Rs 14.08 lakh, helping his case.
Why it matters
Mr. Desai’s land purchase led to an income tax notice after the property was bought below stamp duty value. The department tried to tax an Rs 18.24 lakh difference, but his Chartered Accountant challenged the claim. A Departmental Valuation Officer valued the land at Rs 14.08 lakh, and that report helped him win the case at ITAT Surat.