https://www.taxtmi.com/caselaws?id=392266 The Tribunal held that Section 50C of the Income Tax Act was applicable to the assessee, considering him the de facto owner of the property. The fair market value for computing long-term capital gains was determined at Rs. 1,84,93,000 for the land and Rs. 20 lakhs for the shed, deviating from both the initial stamp duty valuation and the DVO's valuation. The Tribunal's decision allowed the assessee's appeal, directing the Assessing Officer to recalculate the capital gains based on these revised valuations. en-us Tue, 14 Jan 2020 00:00:00 +0530 Mon, 17 Feb 2020 09:07:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392266 The Tribunal held that Section 50C of the Income Tax Act was applicable to the assessee, considering him the de facto owner of the property. The fair market value for computing long-term capital gains was determined at Rs. 1,84,93,000 for the land and Rs. 20 lakhs for the shed, deviating from both the initial stamp duty valuation and the DVO's valuation. The Tribunal's decision allowed the assessee's appeal, directing the Assessing Officer to recalculate the capital gains based on these revised valuations. Case-Laws Income Tax Tue, 14 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392266