Summary
- The ITAT Surat has remanded a ₹4.93 crore capital gains dispute back to the Assessing Officer, citing inadequate verification of the agricultural land's distance from municipal limits.
- In the case of Karan Dilipkumar Patel vs. DCIT, the Tribunal found gaps in examining valuation material and the land's classification under Section 2(14) of the Income Tax Act.
- The Assessing Officer had rejected the assessee's claim regarding acquisition cost, leading to a disputed addition of ₹4,93,12,007 as long-term capital gains.
- This remand allows for fresh examination and adjudication, emphasizing the need for proper verification of both location and valuation aspects before any final determination.
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