https://www.taxtmi.com/caselaws?id=361580 The Tribunal ruled in favor of the assessee, deleting the additions related to long term capital gain for the assessment year 2011-12. The decision emphasized that the AO cannot refer to the DVO if the value shown by the assessee is not less than the fair market value. The Tribunal also clarified that the 2012 amendment to section 55A does not apply retrospectively. By relying on previous case law and distinguishing the facts from a cited case, the Tribunal concluded in favor of the assessee, highlighting the significance of valuation disputes in such matters. en-us Mon, 04 Jun 2018 00:00:00 +0530 Sat, 09 Jun 2018 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361580 The Tribunal ruled in favor of the assessee, deleting the additions related to long term capital gain for the assessment year 2011-12. The decision emphasized that the AO cannot refer to the DVO if the value shown by the assessee is not less than the fair market value. The Tribunal also clarified that the 2012 amendment to section 55A does not apply retrospectively. By relying on previous case law and distinguishing the facts from a cited case, the Tribunal concluded in favor of the assessee, highlighting the significance of valuation disputes in such matters. Case-Laws Income Tax Mon, 04 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361580