https://www.taxtmi.com/caselaws?id=338210 The court dismissed the appeal, affirming that the Assessing Officer's reference to the District Valuation Officer under Section 55A was without jurisdiction. It emphasized that for computing capital gains, the actual consideration received by the assessee must be considered, not the fair market value. The court held that the principles from McDowell & Co. Ltd. v. CTO did not change this requirement. The appeal was decided in favor of the assessee. en-us Tue, 24 Jan 2017 00:00:00 +0530 Wed, 15 Mar 2017 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338210 The court dismissed the appeal, affirming that the Assessing Officer's reference to the District Valuation Officer under Section 55A was without jurisdiction. It emphasized that for computing capital gains, the actual consideration received by the assessee must be considered, not the fair market value. The court held that the principles from McDowell & Co. Ltd. v. CTO did not change this requirement. The appeal was decided in favor of the assessee. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338210