https://www.taxtmi.com/caselaws?id=68694 The ITAT directed the AO to refer the property valuation to a Valuation Officer under section 50C of the Income Tax Act, as the property's declared sale value was lower than the DLC rate. The tribunal emphasized that the AO should follow proper valuation procedures and consider the assessee's explanation for the lower consideration. Additionally, the ITAT addressed the disallowance of brokerage and improvement costs in capital gains computation, remanding the case to the AO for a comprehensive review and ensuring the assessee receives a hearing opportunity in accordance with the law. en-us Thu, 14 Feb 2008 00:00:00 +0530 Wed, 17 Jan 2024 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68694 The ITAT directed the AO to refer the property valuation to a Valuation Officer under section 50C of the Income Tax Act, as the property's declared sale value was lower than the DLC rate. The tribunal emphasized that the AO should follow proper valuation procedures and consider the assessee's explanation for the lower consideration. Additionally, the ITAT addressed the disallowance of brokerage and improvement costs in capital gains computation, remanding the case to the AO for a comprehensive review and ensuring the assessee receives a hearing opportunity in accordance with the law. Case-Laws Income Tax Thu, 14 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68694