https://www.taxtmi.com/caselaws?id=305603 The Revenue's appeal challenging the non-applicability of referring to the valuation cell under certain sections for capital gains computation was dismissed by the ITAT. The ITAT clarified the correct application of S.55A for fair market value determination and upheld the use of S.50C for substituting sale consideration with fair market value. The ITAT found no merit in the Assessing Officer's reworking of capital gains and directed correct computation for exemption under S.54, allowing the assessee's contentions on specific issues. The ITAT provided detailed directions for accurate assessment, ultimately dismissing the Revenue's appeal and allowing the assessee's cross-objection for statistical purposes. en-us Wed, 12 Feb 2014 00:00:00 +0530 Thu, 15 Dec 2022 09:28:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305603 The Revenue's appeal challenging the non-applicability of referring to the valuation cell under certain sections for capital gains computation was dismissed by the ITAT. The ITAT clarified the correct application of S.55A for fair market value determination and upheld the use of S.50C for substituting sale consideration with fair market value. The ITAT found no merit in the Assessing Officer's reworking of capital gains and directed correct computation for exemption under S.54, allowing the assessee's contentions on specific issues. The ITAT provided detailed directions for accurate assessment, ultimately dismissing the Revenue's appeal and allowing the assessee's cross-objection for statistical purposes. Case-Laws Income Tax Wed, 12 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305603