https://www.taxtmi.com/caselaws?id=449393 The ITAT Raipur held that AO erred in mechanically adopting stamp duty value of Rs. 31,55,100 as deemed sale consideration for capital gains computation when assessee claimed actual sale price of Rs. 3.50 lacs. The assessee's non-participation in assessment proceedings was justified due to father's death. Given property's locational disadvantages (wall-locked land with no independent access), the matter was remanded to AO with directions to refer to Valuation Officer for FMV determination and verify cost of acquisition claim. en-us Thu, 08 Feb 2024 00:00:00 +0530 Sat, 10 Feb 2024 07:45:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449393 The ITAT Raipur held that AO erred in mechanically adopting stamp duty value of Rs. 31,55,100 as deemed sale consideration for capital gains computation when assessee claimed actual sale price of Rs. 3.50 lacs. The assessee's non-participation in assessment proceedings was justified due to father's death. Given property's locational disadvantages (wall-locked land with no independent access), the matter was remanded to AO with directions to refer to Valuation Officer for FMV determination and verify cost of acquisition claim. Case-Laws Income Tax Thu, 08 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449393