https://www.taxtmi.com/caselaws?id=398605 The Tribunal upheld the CIT(Appeals)'s decision on the valuation of the land, setting the Fair Market Value (FMV) at Rs. 45,00,000 instead of Rs. 57,02,000. The Tribunal dismissed the Revenue's arguments on the valuer's competency and the legality of referring the valuation to the District Valuation Officer (DVO). However, the Tribunal allowed the Revenue's appeal concerning the additional exemption under Section 54F, stating that the Assessing Officer should have been given a chance to contest the claim. The assessee's Cross-Objection was rejected, and the Revenue's appeal was partially granted. en-us Wed, 16 Sep 2020 00:00:00 +0530 Sat, 19 Sep 2020 20:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398605 The Tribunal upheld the CIT(Appeals)'s decision on the valuation of the land, setting the Fair Market Value (FMV) at Rs. 45,00,000 instead of Rs. 57,02,000. The Tribunal dismissed the Revenue's arguments on the valuer's competency and the legality of referring the valuation to the District Valuation Officer (DVO). However, the Tribunal allowed the Revenue's appeal concerning the additional exemption under Section 54F, stating that the Assessing Officer should have been given a chance to contest the claim. The assessee's Cross-Objection was rejected, and the Revenue's appeal was partially granted. Case-Laws Income Tax Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398605