https://www.taxtmi.com/caselaws?id=326366 The appeal challenging the deletion of an addition of capital gain amounting to Rs. 2,44,83,495 based on asset valuation by the Departmental Valuation Officer (DVO) was dismissed. The Tribunal upheld the decision to delete the addition as the assessee's valuation exceeded the stamp valuation authority's value, not meeting the condition for invoking section 50C of the Income Tax Act. Therefore, the Tribunal's decision was found to be in accordance with the Act, leading to the dismissal of the appeal and the preservation of the deletion of the capital gain addition. en-us Mon, 28 Mar 2016 00:00:00 +0530 Wed, 13 Apr 2016 10:05:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326366 The appeal challenging the deletion of an addition of capital gain amounting to Rs. 2,44,83,495 based on asset valuation by the Departmental Valuation Officer (DVO) was dismissed. The Tribunal upheld the decision to delete the addition as the assessee's valuation exceeded the stamp valuation authority's value, not meeting the condition for invoking section 50C of the Income Tax Act. Therefore, the Tribunal's decision was found to be in accordance with the Act, leading to the dismissal of the appeal and the preservation of the deletion of the capital gain addition. Case-Laws Income Tax Mon, 28 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326366