https://www.taxtmi.com/caselaws?id=761321 ITAT Indore remanded the case back to AO for fresh adjudication of long term capital gain assessment on land sale. The tribunal found AO erred by adopting full valuation consideration under Section 50C(1) without allowing cost of acquisition, failing to issue show cause notice, and not determining fair market value under Section 50C(2) when assessee disputed the valuation. The registered valuer's report showed guideline value lower than AO's adopted consideration. AO was directed to verify cost of acquisition, determine fair market value, and examine exemption claim under Section 54B after providing proper hearing opportunity. en-us Wed, 28 Aug 2024 00:00:00 +0530 Fri, 08 Nov 2024 19:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761321 ITAT Indore remanded the case back to AO for fresh adjudication of long term capital gain assessment on land sale. The tribunal found AO erred by adopting full valuation consideration under Section 50C(1) without allowing cost of acquisition, failing to issue show cause notice, and not determining fair market value under Section 50C(2) when assessee disputed the valuation. The registered valuer's report showed guideline value lower than AO's adopted consideration. AO was directed to verify cost of acquisition, determine fair market value, and examine exemption claim under Section 54B after providing proper hearing opportunity. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761321