https://www.taxtmi.com/caselaws?id=378312 The tribunal upheld the validity of the reference to the Valuation Officer under section 55A of the Income-tax Act, emphasizing the Assessing Officer's justification based on the significant variance between the stated consideration and the written down value. Regarding the computation of capital gains, it clarified that the full value of consideration is the actual price agreed upon by the parties, not necessarily the fair market value. The tribunal found the transaction genuine and the sale consideration adequate, directing a fresh adjudication by the Assessing Officer to determine the actual consideration, emphasizing closure where no tax advantage is evident. Both the assessee's and Revenue's appeals were allowed for statistical purposes. en-us Thu, 28 Feb 2019 00:00:00 +0530 Fri, 12 Apr 2019 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378312 The tribunal upheld the validity of the reference to the Valuation Officer under section 55A of the Income-tax Act, emphasizing the Assessing Officer's justification based on the significant variance between the stated consideration and the written down value. Regarding the computation of capital gains, it clarified that the full value of consideration is the actual price agreed upon by the parties, not necessarily the fair market value. The tribunal found the transaction genuine and the sale consideration adequate, directing a fresh adjudication by the Assessing Officer to determine the actual consideration, emphasizing closure where no tax advantage is evident. Both the assessee's and Revenue's appeals were allowed for statistical purposes. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378312