https://www.taxtmi.com/caselaws?id=754739 ITAT Surat partly allowed the assessee's appeal regarding long-term capital gain addition under section 50C. The DVO's fair market value determination was found inadequate as it failed to consider all factors affecting property value, including water logging, chemical contamination from nearby industrial units, and other locational disadvantages. The tribunal noted that property valuation involves estimation and the DVO ignored several material objections. Considering the inconsistencies between the DVO report and assessee's adopted price, the tribunal sustained an addition of Rs. 50,00,000 to balance the discrepancies rather than accepting the full DVO valuation. en-us Mon, 22 Jan 2024 00:00:00 +0530 Fri, 28 Jun 2024 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754739 ITAT Surat partly allowed the assessee's appeal regarding long-term capital gain addition under section 50C. The DVO's fair market value determination was found inadequate as it failed to consider all factors affecting property value, including water logging, chemical contamination from nearby industrial units, and other locational disadvantages. The tribunal noted that property valuation involves estimation and the DVO ignored several material objections. Considering the inconsistencies between the DVO report and assessee's adopted price, the tribunal sustained an addition of Rs. 50,00,000 to balance the discrepancies rather than accepting the full DVO valuation. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754739