https://www.taxtmi.com/caselaws?id=204768 The Tribunal confirmed the applicability of Section 50(C) of the Income Tax Act, where the sale consideration was lower than the stamp duty valuation. It held that the District Valuation Officer's valuation should be considered for determining capital gains. The Tribunal emphasized adopting the DVO's valuation as deemed consideration and directed the Assessing Officer to rectify the valuation based on the DVO's report, setting aside the previous order. The decision highlights the significance of relying on DVO valuations in property valuation disputes for accurate application of tax laws. en-us Fri, 13 May 2011 00:00:00 +0530 Tue, 21 Jun 2011 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204768 The Tribunal confirmed the applicability of Section 50(C) of the Income Tax Act, where the sale consideration was lower than the stamp duty valuation. It held that the District Valuation Officer's valuation should be considered for determining capital gains. The Tribunal emphasized adopting the DVO's valuation as deemed consideration and directed the Assessing Officer to rectify the valuation based on the DVO's report, setting aside the previous order. The decision highlights the significance of relying on DVO valuations in property valuation disputes for accurate application of tax laws. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204768