https://www.taxtmi.com/caselaws?id=68827 The Tribunal dismissed the assessee's appeal, affirming the Assessing Officer's (AO) decision to adopt the Stamp Valuation Authority (SVA) valuation for four plots where the sale consideration was lower than the SVA valuation, as per Section 50C(1) of the IT Act, 1961. The Tribunal clarified that the AO is not obligated to refer the valuation to the District Valuation Officer (DVO) unless the assessee provides a specific claim with supporting material. The capital gains were computed based on the SVA valuation, and the Tribunal upheld this computation, rejecting the assessee's arguments for a composite basis of computation and exemption under Section 54F. en-us Fri, 21 Nov 2008 00:00:00 +0530 Thu, 07 Dec 2023 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68827 The Tribunal dismissed the assessee's appeal, affirming the Assessing Officer's (AO) decision to adopt the Stamp Valuation Authority (SVA) valuation for four plots where the sale consideration was lower than the SVA valuation, as per Section 50C(1) of the IT Act, 1961. The Tribunal clarified that the AO is not obligated to refer the valuation to the District Valuation Officer (DVO) unless the assessee provides a specific claim with supporting material. The capital gains were computed based on the SVA valuation, and the Tribunal upheld this computation, rejecting the assessee's arguments for a composite basis of computation and exemption under Section 54F. Case-Laws Income Tax Fri, 21 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68827