https://www.taxtmi.com/caselaws?id=269206 The Tribunal found the reference to the Departmental Valuation Officer (DVO) under section 55A of the Income-tax Act, 1961 invalid as the valuation claimed by the assessee was higher than the Assessing Officer's estimate. The rejection of the valuation report by the registered valuer was deemed improper, and the fair market value adopted by the AO was overturned. Consequently, the enhancement of long-term capital gain and the penalty under section 271(1)(c) were set aside in favor of the assessee on September 30, 2015. en-us Wed, 30 Sep 2015 00:00:00 +0530 Thu, 10 Dec 2015 08:25:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269206 The Tribunal found the reference to the Departmental Valuation Officer (DVO) under section 55A of the Income-tax Act, 1961 invalid as the valuation claimed by the assessee was higher than the Assessing Officer's estimate. The rejection of the valuation report by the registered valuer was deemed improper, and the fair market value adopted by the AO was overturned. Consequently, the enhancement of long-term capital gain and the penalty under section 271(1)(c) were set aside in favor of the assessee on September 30, 2015. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269206