https://www.taxtmi.com/caselaws?id=449636 The ITAT Delhi set aside the order involving the addition of Rs. 2,15,03,436 as long-term capital gain from the sale of urban lands, due to improper valuation by the AO. The Tribunal remanded the case for reassessment, emphasizing the need for a valuation report from the DVO. It also directed the AO to reconsider the denial of the section 54B deduction. Concerns regarding the validity of notice under section 148 and proper sanction under section 151 were dismissed as they were not pursued during the hearing. The Tribunal prioritized fair assessment based on accurate valuation. en-us Wed, 14 Feb 2024 00:00:00 +0530 Fri, 16 Feb 2024 07:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449636 The ITAT Delhi set aside the order involving the addition of Rs. 2,15,03,436 as long-term capital gain from the sale of urban lands, due to improper valuation by the AO. The Tribunal remanded the case for reassessment, emphasizing the need for a valuation report from the DVO. It also directed the AO to reconsider the denial of the section 54B deduction. Concerns regarding the validity of notice under section 148 and proper sanction under section 151 were dismissed as they were not pursued during the hearing. The Tribunal prioritized fair assessment based on accurate valuation. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449636