https://www.taxtmi.com/caselaws?id=260024 The ITAT ruled in favor of the assessee, emphasizing the mandatory referral for property valuation under section 50C(2) when fair market value is disputed. The Assessing Officer was directed to refer the property to the DVO for valuation before computing capital gains, as per the statutory requirement. The ITAT set aside previous decisions and remanded the case for proper valuation and subsequent capital gains computation. en-us Mon, 20 Apr 2015 00:00:00 +0530 Fri, 29 May 2015 06:04:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260024 The ITAT ruled in favor of the assessee, emphasizing the mandatory referral for property valuation under section 50C(2) when fair market value is disputed. The Assessing Officer was directed to refer the property to the DVO for valuation before computing capital gains, as per the statutory requirement. The ITAT set aside previous decisions and remanded the case for proper valuation and subsequent capital gains computation. Case-Laws Income Tax Mon, 20 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260024