https://www.taxtmi.com/caselaws?id=754316 ITAT Kolkata allowed the assessee's appeal for statistical purposes regarding capital gains computation under section 50C. The assessee sold property for Rs. 35 lakh, claiming it represented fair market value, while Stamp Valuation Authority valued it at Rs. 45 lakh. The tribunal held that lower authorities should have referred the matter to Departmental Valuation Officer for proper valuation instead of applying deeming provisions. Matter restored to AO for reference to valuation officer and decision in accordance with law. en-us Thu, 11 Jan 2024 00:00:00 +0530 Fri, 21 Jun 2024 08:16:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754316 ITAT Kolkata allowed the assessee's appeal for statistical purposes regarding capital gains computation under section 50C. The assessee sold property for Rs. 35 lakh, claiming it represented fair market value, while Stamp Valuation Authority valued it at Rs. 45 lakh. The tribunal held that lower authorities should have referred the matter to Departmental Valuation Officer for proper valuation instead of applying deeming provisions. Matter restored to AO for reference to valuation officer and decision in accordance with law. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754316