https://www.taxtmi.com/caselaws?id=448154 The ITAT ruled in favor of the appellant, determining that the sale consideration for the property should be based on the value fixed by the Sub-Registrar at Rs. 2,20,00,000, rather than the higher valuation by the DVO at Rs. 3,56,93,000. The referral to the DVO was deemed illegal under section 50C of the Income Tax Act. Additionally, the ITAT held that the cost of acquisition should be based on the appellant's valuation of Rs. 37,32,000, as the DVO's lower valuation was improperly referenced. The AO was directed to adopt these figures for calculating LTCG. en-us Wed, 10 Jan 2024 00:00:00 +0530 Fri, 12 Jan 2024 08:41:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448154 The ITAT ruled in favor of the appellant, determining that the sale consideration for the property should be based on the value fixed by the Sub-Registrar at Rs. 2,20,00,000, rather than the higher valuation by the DVO at Rs. 3,56,93,000. The referral to the DVO was deemed illegal under section 50C of the Income Tax Act. Additionally, the ITAT held that the cost of acquisition should be based on the appellant's valuation of Rs. 37,32,000, as the DVO's lower valuation was improperly referenced. The AO was directed to adopt these figures for calculating LTCG. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448154