https://www.taxtmi.com/caselaws?id=447766 ITAT Delhi ruled in favor of the assessee regarding long-term capital gains taxation on immovable property sale. The case involved conflicting valuations: SVA valued the property significantly higher than DVO and registered valuer assessments, with over Rs. 2 crore variation. The court found that actual sale consideration of Rs. 5.5 crore was closer to DVO and registered valuer assessments (Rs. 5.36 crore) compared to SVA valuation. Given the substantial valuation differences and mitigating circumstances, section 50C deeming provisions were not applicable. The addition sustained by CIT(A) was deleted and assessee's appeal was allowed. en-us Tue, 02 Jan 2024 00:00:00 +0530 Thu, 04 Jan 2024 09:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447766 ITAT Delhi ruled in favor of the assessee regarding long-term capital gains taxation on immovable property sale. The case involved conflicting valuations: SVA valued the property significantly higher than DVO and registered valuer assessments, with over Rs. 2 crore variation. The court found that actual sale consideration of Rs. 5.5 crore was closer to DVO and registered valuer assessments (Rs. 5.36 crore) compared to SVA valuation. Given the substantial valuation differences and mitigating circumstances, section 50C deeming provisions were not applicable. The addition sustained by CIT(A) was deleted and assessee's appeal was allowed. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447766