https://www.taxtmi.com/caselaws?id=384657 The Tribunal condoned the delay in filing the appeal, considering it had a reasonable cause. It held that the Assessment Officer should have waited for the Departmental Valuation Officer's report before finalizing the assessment under section 143(3). The Tribunal also decided to apply the principle favoring the assessee in the computation of Long Term Capital Gains under section 50C of the Income Tax Act. The Tribunal set aside the previous orders and directed the Assessment Officer to recompute the LTCG after obtaining the DVO's valuation report, ensuring fair treatment to the taxpayer. en-us Wed, 14 Aug 2019 00:00:00 +0530 Mon, 19 Aug 2019 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384657 The Tribunal condoned the delay in filing the appeal, considering it had a reasonable cause. It held that the Assessment Officer should have waited for the Departmental Valuation Officer's report before finalizing the assessment under section 143(3). The Tribunal also decided to apply the principle favoring the assessee in the computation of Long Term Capital Gains under section 50C of the Income Tax Act. The Tribunal set aside the previous orders and directed the Assessment Officer to recompute the LTCG after obtaining the DVO's valuation report, ensuring fair treatment to the taxpayer. Case-Laws Income Tax Wed, 14 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384657