https://www.taxtmi.com/caselaws?id=122809 The ITAT Ahmedabad allowed the appeal filed by the assessee regarding Long Term Capital Loss claimed on the sale of a bungalow. The ITAT held that the Assessing Officer's reference to the Valuation Officer under section 55A was not valid for determining the full value of consideration, clarifying that section 55A pertains to Fair Market Value, not the full value of consideration. As section 50C was not applicable, the ITAT directed the Assessing Officer to recalculate the capital gain using the sale price as the full value of consideration. en-us Thu, 17 Sep 2009 00:00:00 +0530 Fri, 17 Aug 2012 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122809 The ITAT Ahmedabad allowed the appeal filed by the assessee regarding Long Term Capital Loss claimed on the sale of a bungalow. The ITAT held that the Assessing Officer's reference to the Valuation Officer under section 55A was not valid for determining the full value of consideration, clarifying that section 55A pertains to Fair Market Value, not the full value of consideration. As section 50C was not applicable, the ITAT directed the Assessing Officer to recalculate the capital gain using the sale price as the full value of consideration. Case-Laws Income Tax Thu, 17 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122809