AKSHITA VIKRANT PATEL,SURAT V. INCOME TAX OFFICER- WARD 2(3)(6), SURAT

ITA 777/SRT/2024

AI Insights

The case involves Akshita Vikrant Patel, who, along with a co-owner, sold a piece of land and declared a capital gain for the assessment year 2015-16. The primary contention was the valuation of the property, which the assessee valued based on a government-registered valuer's report from 1981, significantly lower than the valuation used by the Assessing Officer and the District Valuation Officer (DVO). The assessee claimed an exemption under section 54F, which was accepted by the tribunal, leading to the allowance of the appeal and the nullification of the addition made by the Assessing Officer.

• Counselvise Citation: [2026] 140 COUNSELVISE.COM (IT) 832182 (ITAT-SURAT)
• Duration Of Justice: 1 year(s) 6 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-01-2026
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: misc
• Appeal Filed On: 19-07-2024
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NAMITA PATEL.
• Assessee Lawyers: PM JAGASHETHA

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL SURAT “SMC” BENCH, SURAT BEFORE DR. B.R.R. KUMAR, VICE-PRESIDENT AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A. No. 777/SRT/2024 (Assessment Year: 2015-16) Akshita Vikrant Patel, 161 Moti Street, Pal Gam, Surat-395009 PAN : BTDPP5120M Vs. The ITO, Ward-2(3)(6), Surat (Appellant) .. (Respondent) Appellant by : Shri PM Jagashetha, C.A. Respondent by: Ms. Namita Patel. Sr. D.R. Date of Hearing 19.01.2026 Date of Pronouncement 21.01.2026 O R D E R PER SUCHITRA KAMBLE, JUDICIAL MEMBER:- This is an appeal filed against the order dated 25-06-2024 passed by CIT(A)/Addl/JCIT(A)-3, Kolkata for assessment year 2015-16. 3. The return of income was filed on 27-08-2015 declaring income at Rs. 11,18,742/-. The assessee along with co-owner sold the land in which the assessee has share of 6.25%. The total sale consideration was Rs. 4,47,91,000/-. Thus, the share of assessee comes to Rs.27,99,437/-. The assessee offered capital gain of Rs. 10,15,944/- after taking value of property of property of Rs. 27,78,900/- as on 01-04-1981. The value of land as on 01-04- 1981 was taken 27,78,900/- @ 760 per sq. mt. on the basis of the valuation of Government Registered valuer. The A.O. has taken the value of the land sold @ 13.19 per sq. meter and the DVO as Printed from counselvise.com ITA No. 777/Srt/2024 Akshita Vikrant Patel Vs. ITO Asst. Year : 2015-16 - 2– per his report has taken the value @ 76 per sq. ft. The assessee has given the details of Tax Deducted at Source on sale of immovable property u/s 194IA which clearly indicates that total transaction was Rs.29,53,983 and the statement of Long Term Capital Gain has taken sale price at Rs.27,99,437/-. After claiming the exemption u/s 54F, the said capital gain becomes Nil. Therefore, we hold that the addition made by the Assessing Officer does not survive. Thus, the appeal of the assessee is allowed. 3. In the result, the appeal of the assesse is allowed. The order is pronounced in the open Court on 21.01.2026 Sd/- Sd/- (DR. B.R.R. KUMAR) (SUCHITRA KAMBLE) VICE-PRESIDENT JUDICIAL MEMBER Surat; Dated 21/01/2026 ak आदेश की \u0007ितिलिप अ ेिषत/ / / /Copy of the Order forwarded to : 1. अपीलाथ\u0011 / The Appellant 2. \u0007\u0012थ\u0011 / The Respondent. 3. संबंिधत आयकर आयु\u001a / Concerned CIT 4. आयकर आयु\u001a ) ) ) ) अपील ( ( ( ( / The CIT(A)- 5. िवभागीय \u0007ितिनिध , , , , आयकर अपीलीय अिधकरण , , , , /DR,ITAT, Surat, 6. गाड! फाईल / / / / Guard file. आदेशानुसार/ BY ORDER, TRUE COPY सहायक पंजीकार (Asstt. Registrar) आयकर अपीलीय अिधकरण ITAT, Surat Printed from counselvise.com "