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15. Krishna Enterprises vs. Addl. CIT (Mum) Members: R. C. Sharma (AM) and Ravish Sood (JM) ITA No. 5402/Mum/2014 A.Y.: 2007-08. Dated: 23rd November, 2016. Counsel for assessee / revenue: Sashank Dandu / A. Ramachandran

Jagdish D. Shah
Jagdish T. Punjabi
Chartered Accountants

Section 50C – AO is not justified in substituting the value determined by DVO for the sale consideration disclosed by the assessee in a case where the difference between the sale consideration of the property as shown by the assessee and FMV determined by the DVO u/s. 50C(2) is less than 10 percent.