https://www.taxtmi.com/caselaws?id=752789 The ITAT Ahmedabad ruled in favor of the assessee regarding LTCG addition under Section 50C for litigated property sale. The assessee had not considered Jantri Value in gain computation, and there was a difference between Stamp Valuation Authority's valuation and the declared value. Following Bhojison Infrastructure Pvt. Ltd. precedent, the Tribunal found the DVO's valuation was only 8.95% higher than the return value, which was less than 10%. Applying the third proviso to Section 50C retrospectively, the assessee's ground was allowed. en-us Wed, 15 May 2024 00:00:00 +0530 Fri, 17 May 2024 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752789 The ITAT Ahmedabad ruled in favor of the assessee regarding LTCG addition under Section 50C for litigated property sale. The assessee had not considered Jantri Value in gain computation, and there was a difference between Stamp Valuation Authority's valuation and the declared value. Following Bhojison Infrastructure Pvt. Ltd. precedent, the Tribunal found the DVO's valuation was only 8.95% higher than the return value, which was less than 10%. Applying the third proviso to Section 50C retrospectively, the assessee's ground was allowed. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752789