https://www.taxtmi.com/caselaws?id=243825 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the department's appeal concerning the validity of the reference to the Valuation Officer, the correctness of the surrender value increase, and the applicability of section 50C on the transaction. The CIT(A) concluded that the AO's reliance on the valuation report was illegal, and the AO's action was vitiated. The appeal was allowed, directing the AO not to consider the fair market value for capital gains calculation. en-us Wed, 07 Aug 2013 00:00:00 +0530 Tue, 11 Feb 2014 06:29:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243825 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the department's appeal concerning the validity of the reference to the Valuation Officer, the correctness of the surrender value increase, and the applicability of section 50C on the transaction. The CIT(A) concluded that the AO's reliance on the valuation report was illegal, and the AO's action was vitiated. The appeal was allowed, directing the AO not to consider the fair market value for capital gains calculation. Case-Laws Income Tax Wed, 07 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243825