https://www.taxtmi.com/caselaws?id=396054 The appeal for Assessment Year 2012-13, delayed by 73 days, was admitted for hearing after the appellant's counsel successfully sought condonation of delay. The main issue revolved around the fair market value of an immovable property, with the ITAT directing the AO to adopt the higher value of Rs. 18,51,000 instead of the lower valuation by the DVO for computing long term capital gain. The ITAT applied the pre-amended Section 55A(a) of the Income Tax Act, emphasizing that the claimed value should be considered if not less than the fair market value. The appeal was allowed, overturning the lower valuation and adjusting for lockdown days due to the Covid-19 pandemic. en-us Wed, 17 Jun 2020 00:00:00 +0530 Fri, 19 Jun 2020 17:18:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396054 The appeal for Assessment Year 2012-13, delayed by 73 days, was admitted for hearing after the appellant's counsel successfully sought condonation of delay. The main issue revolved around the fair market value of an immovable property, with the ITAT directing the AO to adopt the higher value of Rs. 18,51,000 instead of the lower valuation by the DVO for computing long term capital gain. The ITAT applied the pre-amended Section 55A(a) of the Income Tax Act, emphasizing that the claimed value should be considered if not less than the fair market value. The appeal was allowed, overturning the lower valuation and adjusting for lockdown days due to the Covid-19 pandemic. Case-Laws Income Tax Wed, 17 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396054