https://www.taxtmi.com/caselaws?id=71993 The Appellate Tribunal allowed the appeal in favor of the assessee, concluding that Section 50C of the Income Tax Act, 1961, was not applicable. The Tribunal found that since the stamp valuation authority accepted the consideration declared by the assessee, there was no basis for using the Departmental Valuation Officer's valuation to compute the capital gain. Consequently, the Tribunal overturned the decisions of the Assessing Officer and the Commissioner of Income Tax (Appeals), thereby ruling that the capital gain should not be recalculated based on the higher valuation. en-us Fri, 11 Apr 2008 00:00:00 +0530 Mon, 18 Dec 2023 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71993 The Appellate Tribunal allowed the appeal in favor of the assessee, concluding that Section 50C of the Income Tax Act, 1961, was not applicable. The Tribunal found that since the stamp valuation authority accepted the consideration declared by the assessee, there was no basis for using the Departmental Valuation Officer's valuation to compute the capital gain. Consequently, the Tribunal overturned the decisions of the Assessing Officer and the Commissioner of Income Tax (Appeals), thereby ruling that the capital gain should not be recalculated based on the higher valuation. Case-Laws Income Tax Fri, 11 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71993