https://www.taxtmi.com/caselaws?id=406749 The Tribunal partially allowed the appeal, affirming the CIT(A)'s order to adopt the Departmental Valuation Officer's (DVO) valuation over the Stamp Duty Authority's valuation for determining long-term capital gains. The decision was based on the powers granted under Sec. 251 of the Income Tax Act, 1961, and supported by judicial precedents favoring DVO valuation. The AO's lack of opportunity to comment on the DVO valuation was deemed immaterial, and the Tribunal upheld the CIT(A)'s decision, providing relief to the assessee and dismissing the revenue's appeal. en-us Tue, 20 Apr 2021 00:00:00 +0530 Thu, 22 Apr 2021 08:49:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406749 The Tribunal partially allowed the appeal, affirming the CIT(A)'s order to adopt the Departmental Valuation Officer's (DVO) valuation over the Stamp Duty Authority's valuation for determining long-term capital gains. The decision was based on the powers granted under Sec. 251 of the Income Tax Act, 1961, and supported by judicial precedents favoring DVO valuation. The AO's lack of opportunity to comment on the DVO valuation was deemed immaterial, and the Tribunal upheld the CIT(A)'s decision, providing relief to the assessee and dismissing the revenue's appeal. Case-Laws Income Tax Tue, 20 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406749