https://www.taxtmi.com/caselaws?id=234899 The ITAT upheld the Assessing Officer's decision to compute the capital gain based on the fair market value determined by the DVO, which was lower than the stamp duty valuation. The ITAT emphasized that the AO must follow the DVO's valuation unless it exceeds the stamp duty valuation, as per Section 50C of the Income-tax Act. The ITAT rejected the appellant's argument regarding the irregular shape of the plot impacting valuation, stating that valuation should be based on fair market value regardless of the plot's shape. The appellant's appeal was dismissed. en-us Fri, 28 Jun 2013 00:00:00 +0530 Sat, 20 Aug 2016 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234899 The ITAT upheld the Assessing Officer's decision to compute the capital gain based on the fair market value determined by the DVO, which was lower than the stamp duty valuation. The ITAT emphasized that the AO must follow the DVO's valuation unless it exceeds the stamp duty valuation, as per Section 50C of the Income-tax Act. The ITAT rejected the appellant's argument regarding the irregular shape of the plot impacting valuation, stating that valuation should be based on fair market value regardless of the plot's shape. The appellant's appeal was dismissed. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234899