https://www.taxtmi.com/caselaws?id=387495 The Supreme Court remitted the determination of Fair Market Value (FMV) back to the Assessing Officer (AO) for referral to the District Valuation Officer (DVO) as the AO had solely relied on the guideline value without considering the Registered Valuer's Report. The levy of Capital Gains Tax on the property sold to discharge loans of group concerns was upheld, as the ITAT concluded that availing a loan itself constitutes consideration, justifying the tax. The appeal was partly allowed, with the FMV issue being remitted and the Capital Gains Tax levy being upheld. en-us Fri, 06 Sep 2019 00:00:00 +0530 Wed, 23 Oct 2019 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387495 The Supreme Court remitted the determination of Fair Market Value (FMV) back to the Assessing Officer (AO) for referral to the District Valuation Officer (DVO) as the AO had solely relied on the guideline value without considering the Registered Valuer's Report. The levy of Capital Gains Tax on the property sold to discharge loans of group concerns was upheld, as the ITAT concluded that availing a loan itself constitutes consideration, justifying the tax. The appeal was partly allowed, with the FMV issue being remitted and the Capital Gains Tax levy being upheld. Case-Laws Income Tax Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387495