https://www.taxtmi.com/caselaws?id=121543 The Tribunal directed the Assessing Officer (AO) to recompute the capital gains using a fair market value (FMV) of Rs. 1,677 per sq. ft., averaging the valuations from the rent capitalization and comparable sales methods. The Tribunal validated the reference to the District Valuation Officer (DVO) under section 55A(b)(ii) and dismissed the assessee's challenge to its validity. It upheld the disallowance of the Rs. 7,875 deduction for valuation charges, as these were not considered expenses related to acquisition, improvement, or transfer. The assessee's appeal was dismissed, and the revenue's appeal was partly allowed. en-us Thu, 26 Feb 2009 00:00:00 +0530 Fri, 27 Oct 2023 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121543 The Tribunal directed the Assessing Officer (AO) to recompute the capital gains using a fair market value (FMV) of Rs. 1,677 per sq. ft., averaging the valuations from the rent capitalization and comparable sales methods. The Tribunal validated the reference to the District Valuation Officer (DVO) under section 55A(b)(ii) and dismissed the assessee's challenge to its validity. It upheld the disallowance of the Rs. 7,875 deduction for valuation charges, as these were not considered expenses related to acquisition, improvement, or transfer. The assessee's appeal was dismissed, and the revenue's appeal was partly allowed. Case-Laws Income Tax Thu, 26 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121543