https://www.taxtmi.com/caselaws?id=408639 The Tribunal allowed the appeals filed by the assessees, holding that the AO was not legally competent to make the reference to the DVO under Section 55A of the Income Tax Act for the assessment year 2012-13. The Tribunal concluded that the AO's invocation of Section 50C for addition to capital gains was erroneous, as the conditions for such reference were not fulfilled. The Tribunal upheld the assessee's valuation, directing the deletion of the entire addition made towards the computation of capital gains. en-us Mon, 14 Jun 2021 00:00:00 +0530 Wed, 16 Jun 2021 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408639 The Tribunal allowed the appeals filed by the assessees, holding that the AO was not legally competent to make the reference to the DVO under Section 55A of the Income Tax Act for the assessment year 2012-13. The Tribunal concluded that the AO's invocation of Section 50C for addition to capital gains was erroneous, as the conditions for such reference were not fulfilled. The Tribunal upheld the assessee's valuation, directing the deletion of the entire addition made towards the computation of capital gains. Case-Laws Income Tax Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408639