https://www.taxtmi.com/caselaws?id=176560 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition to the Assessee's income based on the valuation of the property for Long Term Capital Gain. The decision was based on the application of the Hon'ble Gujarat High Court's judgment in a similar case, emphasizing that if the DVO's estimated value is lower than the Assessee's declared value, section 55A cannot be applied. The ITAT found no reason to interfere with the CIT(A)'s decision, highlighting the significance of following valuation principles and legal precedents in determining capital gains on property transactions. en-us Fri, 20 Mar 2015 00:00:00 +0530 Thu, 24 Dec 2015 23:11:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176560 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition to the Assessee's income based on the valuation of the property for Long Term Capital Gain. The decision was based on the application of the Hon'ble Gujarat High Court's judgment in a similar case, emphasizing that if the DVO's estimated value is lower than the Assessee's declared value, section 55A cannot be applied. The ITAT found no reason to interfere with the CIT(A)'s decision, highlighting the significance of following valuation principles and legal precedents in determining capital gains on property transactions. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176560