https://www.taxtmi.com/caselaws?id=760603 ITAT Cuttack allowed the assessee's appeal regarding LTCG computation under Section 50C. The AO had substituted the declared sale consideration of Rs. 17,64,150 with stamp duty value of Rs. 1,15,51,737 after referring the matter to valuation officer on 22.03.2021. The assessment was completed on 18.04.2021 before receiving the valuation report. ITAT held that allowing AO to modify the order post-limitation based on delayed valuation report would reward revenue with enhanced limitation period and encourage manipulation. The addition was deleted as authorities failed to ensure timely valuation report submission within reasonable period. en-us Thu, 17 Oct 2024 00:00:00 +0530 Tue, 14 Apr 2026 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760603 ITAT Cuttack allowed the assessee's appeal regarding LTCG computation under Section 50C. The AO had substituted the declared sale consideration of Rs. 17,64,150 with stamp duty value of Rs. 1,15,51,737 after referring the matter to valuation officer on 22.03.2021. The assessment was completed on 18.04.2021 before receiving the valuation report. ITAT held that allowing AO to modify the order post-limitation based on delayed valuation report would reward revenue with enhanced limitation period and encourage manipulation. The addition was deleted as authorities failed to ensure timely valuation report submission within reasonable period. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760603