https://www.taxtmi.com/caselaws?id=386755 The Tribunal ruled in favor of the assessee, directing the AO to re-compute the Fair Market Value (FMV) based on the registered valuer's rate of Rs. 5800/- per sq. mtr, resulting in a lower capital gain and full exemption under Section 54 of the Income Tax Act, 1961. The Tribunal held that the AO exceeded his powers by not referring the valuation to the Departmental Valuation Officer (DVO) and emphasized the AO's obligation to accept the registered valuer's report in the absence of a DVO reference. The appeal of the assessee was allowed, setting aside the CIT(A)'s decision on FMV and capital gains computation. en-us Mon, 26 Aug 2019 00:00:00 +0530 Mon, 07 Oct 2019 21:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386755 The Tribunal ruled in favor of the assessee, directing the AO to re-compute the Fair Market Value (FMV) based on the registered valuer's rate of Rs. 5800/- per sq. mtr, resulting in a lower capital gain and full exemption under Section 54 of the Income Tax Act, 1961. The Tribunal held that the AO exceeded his powers by not referring the valuation to the Departmental Valuation Officer (DVO) and emphasized the AO's obligation to accept the registered valuer's report in the absence of a DVO reference. The appeal of the assessee was allowed, setting aside the CIT(A)'s decision on FMV and capital gains computation. Case-Laws Income Tax Mon, 26 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386755