https://www.taxtmi.com/caselaws?id=448542 ITAT Ahmedabad upheld CIT(A)'s decision rejecting assessee's valuation of agricultural land converted to non-agricultural before sale. The tribunal found registered valuer's report unreliable and confirmed AO's reference to DVO for FMV determination under section 55A. Court rejected assessee's method of determining 1981 acquisition cost using reverse formula from current year non-agricultural land rates, ruling that agricultural land's original acquisition cost should be considered, not market value at conversion date. Additional ground raised by assessee was rejected. en-us Fri, 10 Nov 2023 00:00:00 +0530 Sun, 21 Jan 2024 21:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448542 ITAT Ahmedabad upheld CIT(A)'s decision rejecting assessee's valuation of agricultural land converted to non-agricultural before sale. The tribunal found registered valuer's report unreliable and confirmed AO's reference to DVO for FMV determination under section 55A. Court rejected assessee's method of determining 1981 acquisition cost using reverse formula from current year non-agricultural land rates, ruling that agricultural land's original acquisition cost should be considered, not market value at conversion date. Additional ground raised by assessee was rejected. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448542