https://www.taxtmi.com/caselaws?id=347707 The Appellate Tribunal ITAT Mumbai partially allowed the appeal in a case concerning the assessment of long term capital gains for the transfer of share in development rights of land. The Tribunal ruled in favor of the assessee, highlighting that the AO's actions were not justified regarding the valuation of land and the reference to the Departmental Valuation Officer under Section 55A of the Income Tax Act. The Tribunal emphasized that the AO's decision to refer the valuation to the DVO was unwarranted, aligning with legal precedents and statutory provisions, and echoing the stance taken by the Bombay High Court in a similar case. en-us Fri, 01 Sep 2017 00:00:00 +0530 Sat, 09 Sep 2017 09:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347707 The Appellate Tribunal ITAT Mumbai partially allowed the appeal in a case concerning the assessment of long term capital gains for the transfer of share in development rights of land. The Tribunal ruled in favor of the assessee, highlighting that the AO's actions were not justified regarding the valuation of land and the reference to the Departmental Valuation Officer under Section 55A of the Income Tax Act. The Tribunal emphasized that the AO's decision to refer the valuation to the DVO was unwarranted, aligning with legal precedents and statutory provisions, and echoing the stance taken by the Bombay High Court in a similar case. Case-Laws Income Tax Fri, 01 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347707