https://www.taxtmi.com/caselaws?id=354123 The Tribunal partially allowed the appeal, ruling that the Assessing Officer was unjustified in substituting the sale consideration with the fair market value determined by the Valuation Officer. It was held that Section 50C did not apply since the property was not registered with the stamp valuation authority, and the amendment regarding "assessable value" was only effective from 01/10/2009. The addition made by the AO was deleted, emphasizing that the actual sale consideration received should be used for computing capital gains. en-us Tue, 16 Jan 2018 00:00:00 +0530 Thu, 18 Jan 2018 08:25:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354123 The Tribunal partially allowed the appeal, ruling that the Assessing Officer was unjustified in substituting the sale consideration with the fair market value determined by the Valuation Officer. It was held that Section 50C did not apply since the property was not registered with the stamp valuation authority, and the amendment regarding "assessable value" was only effective from 01/10/2009. The addition made by the AO was deleted, emphasizing that the actual sale consideration received should be used for computing capital gains. Case-Laws Income Tax Tue, 16 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354123