JAGANNATHAN SAILAJA CHITTA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The Assessee, namely, M/s.Jagannathan Sailaja Chitta, Chennai, has filed this Appeal under Section 260-A of the Income Tax Act,1961, in short, 'Act', assailing the order passed by the Income Tax Appellate Tribunal, in short, 'Tribunal' on 27.09.2017 in I.T.A.No.1207/Mds.2017, against the Assessee for the Assessment Year 2012-2013, whereby the learned Tribunal upheld the order of the Commissioner of Income Tax (Appeals), in short, 'CIT (A)', holding that the 'Guidance Value' as per Section 50C of the Act, as determined by the State Government, could be adopted as the 'Fair Market Value' for sale consideration for imposition of Capital Gains Tax on the Assessee on the sale of property by her during the relevant Assessment Year.

(2.) The Appellant/Assessee has raised the following Substantial Questions of Law :

(3.) The Assessee also claimed exemption under Section 54F of the Act on account of reinvestment of the sale consideration in acquisition of the new property.