https://www.taxtmi.com/caselaws?id=397123 The Tribunal partially allowed the appeal, directing the Assessing Officer to compute capital gains based on the actual sale consideration received by the assessee. It emphasized considering extraordinary circumstances like the Covid-19 pandemic in the judgment delivery. The Tribunal held that in cases of defective property titles, market value decreases significantly, and the AO should not exceed the actual sale consideration without obtaining a valuation report from the Departmental Valuation Officer. Additionally, the Tribunal upheld the denial of deduction under section 54F of the Act due to insufficient evidence presented by the assessee regarding the acquisition of another residential property. en-us Thu, 23 Jul 2020 00:00:00 +0530 Wed, 05 Aug 2020 09:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397123 The Tribunal partially allowed the appeal, directing the Assessing Officer to compute capital gains based on the actual sale consideration received by the assessee. It emphasized considering extraordinary circumstances like the Covid-19 pandemic in the judgment delivery. The Tribunal held that in cases of defective property titles, market value decreases significantly, and the AO should not exceed the actual sale consideration without obtaining a valuation report from the Departmental Valuation Officer. Additionally, the Tribunal upheld the denial of deduction under section 54F of the Act due to insufficient evidence presented by the assessee regarding the acquisition of another residential property. Case-Laws Income Tax Thu, 23 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397123