https://www.taxtmi.com/caselaws?id=759744 ITAT Indore upheld AO's adoption of FMV determined by DVO at Rs. 4,43,000/- for LTCG computation, rejecting assessee's claim for reverse indexation method. The tribunal held that reverse indexation is a last resort when no other basis exists for FMV determination, and DVO's detailed valuation based on Collector's Guidelines was appropriate. However, ITAT partially allowed assessee's appeal by directing AO to allow additional cost of improvement of Rs. 81,440/- for FY 1991-92 with indexation benefit and correct mathematical errors in the assessment order. en-us Tue, 21 May 2024 00:00:00 +0530 Tue, 08 Oct 2024 07:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759744 ITAT Indore upheld AO's adoption of FMV determined by DVO at Rs. 4,43,000/- for LTCG computation, rejecting assessee's claim for reverse indexation method. The tribunal held that reverse indexation is a last resort when no other basis exists for FMV determination, and DVO's detailed valuation based on Collector's Guidelines was appropriate. However, ITAT partially allowed assessee's appeal by directing AO to allow additional cost of improvement of Rs. 81,440/- for FY 1991-92 with indexation benefit and correct mathematical errors in the assessment order. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759744