https://www.taxtmi.com/caselaws?id=244084 The Tribunal upheld the legality of the Assessing Officer's reference to the DVO under Section 55A for valuation purposes. It determined that the DVO's valuation needed adjustment due to adverse factors affecting the property's fair market value, directing a 20% reduction. The Tribunal instructed the Assessing Officer to recalculate the gain based on this adjusted valuation or the actual sale consideration, whichever is higher, to be divided equally between the joint owners of the land. The appeals were partially allowed with these directives. en-us Mon, 26 Aug 2013 00:00:00 +0530 Tue, 18 Feb 2014 08:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244084 The Tribunal upheld the legality of the Assessing Officer's reference to the DVO under Section 55A for valuation purposes. It determined that the DVO's valuation needed adjustment due to adverse factors affecting the property's fair market value, directing a 20% reduction. The Tribunal instructed the Assessing Officer to recalculate the gain based on this adjusted valuation or the actual sale consideration, whichever is higher, to be divided equally between the joint owners of the land. The appeals were partially allowed with these directives. Case-Laws Income Tax Mon, 26 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244084