https://www.taxtmi.com/caselaws?id=417637 The appeal was allowed by the Tribunal as the Assessing Officer (AO) was not justified in adopting a lower property value compared to the value claimed by the assessee for the valuation of the property as on 01.04.1981. The Tribunal granted relief to the assessee on technical grounds related to the valuation of the property, leading to the remaining issues becoming academic. The dispute regarding the adoption of sale consideration and the calculation of taxable Long Term Capital Gain were not adjudicated on merits due to the relief granted on the valuation issue. The Tribunal emphasized that the AO's valuation was not in line with Section 55A of the Income Tax Act, 1961. en-us Tue, 25 Jan 2022 00:00:00 +0530 Fri, 28 Jan 2022 09:03:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417637 The appeal was allowed by the Tribunal as the Assessing Officer (AO) was not justified in adopting a lower property value compared to the value claimed by the assessee for the valuation of the property as on 01.04.1981. The Tribunal granted relief to the assessee on technical grounds related to the valuation of the property, leading to the remaining issues becoming academic. The dispute regarding the adoption of sale consideration and the calculation of taxable Long Term Capital Gain were not adjudicated on merits due to the relief granted on the valuation issue. The Tribunal emphasized that the AO's valuation was not in line with Section 55A of the Income Tax Act, 1961. Case-Laws Income Tax Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417637