https://www.taxtmi.com/caselaws?id=210074 The Tribunal dismissed all appeals of the Revenue, upholding the CIT(A)'s decision. It clarified the limited scope of Section 55A for determining fair market value, ruling out its use to replace consideration in capital gains calculations. The deletion of Rs. 62,34,459 by the CIT(A) was upheld, as the sale price exceeded the stamp duty value, rendering Section 50C inapplicable. The AO's reliance on the DVO's valuation was deemed unjustified, lacking invocation of Section 50C. The Tribunal emphasized the inadmissibility of the AO's actions, affirming the CIT(A)'s conclusions. en-us Fri, 08 Apr 2011 00:00:00 +0530 Fri, 28 Jun 2013 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210074 The Tribunal dismissed all appeals of the Revenue, upholding the CIT(A)'s decision. It clarified the limited scope of Section 55A for determining fair market value, ruling out its use to replace consideration in capital gains calculations. The deletion of Rs. 62,34,459 by the CIT(A) was upheld, as the sale price exceeded the stamp duty value, rendering Section 50C inapplicable. The AO's reliance on the DVO's valuation was deemed unjustified, lacking invocation of Section 50C. The Tribunal emphasized the inadmissibility of the AO's actions, affirming the CIT(A)'s conclusions. Case-Laws Income Tax Fri, 08 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210074