https://www.taxtmi.com/caselaws?id=297388 The ITAT Hyderabad allowed the appeal, directing the AO to delete the addition towards long-term capital gains under section 50C of the Income Tax Act. The ITAT considered the sale value of &8377; 72 lakhs, realized amidst litigation, as the market value of the property, emphasizing that it adequately reflected the property's circumstances and drawbacks. The Valuation Officer's valuation was deemed too low, and the ITAT concluded that no adjustment was necessary in computing the long-term capital gains. en-us Wed, 21 Aug 2019 00:00:00 +0530 Wed, 01 Sep 2021 21:53:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297388 The ITAT Hyderabad allowed the appeal, directing the AO to delete the addition towards long-term capital gains under section 50C of the Income Tax Act. The ITAT considered the sale value of &8377; 72 lakhs, realized amidst litigation, as the market value of the property, emphasizing that it adequately reflected the property's circumstances and drawbacks. The Valuation Officer's valuation was deemed too low, and the ITAT concluded that no adjustment was necessary in computing the long-term capital gains. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297388