https://www.taxtmi.com/caselaws?id=429590 The Tribunal ruled in favor of the assessee, setting aside the CIT(A)'s decision to confirm the addition under section 50C of the Income Tax Act. It held that if the difference between the fair market value determined by the DVO and the actual sale consideration is less than 10%, no addition is warranted. In this case, with a difference of less than 7%, the Tribunal concluded that the addition for long-term capital gains was not justified, allowing the appeal filed by the assessee. en-us Fri, 28 Oct 2022 00:00:00 +0530 Mon, 31 Oct 2022 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429590 The Tribunal ruled in favor of the assessee, setting aside the CIT(A)'s decision to confirm the addition under section 50C of the Income Tax Act. It held that if the difference between the fair market value determined by the DVO and the actual sale consideration is less than 10%, no addition is warranted. In this case, with a difference of less than 7%, the Tribunal concluded that the addition for long-term capital gains was not justified, allowing the appeal filed by the assessee. Case-Laws Income Tax Fri, 28 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429590