https://www.taxtmi.com/caselaws?id=767535 The ITAT Hyderabad-AT partially allowed the assessee's appeal regarding long term capital gains computation. The tribunal found that the AO failed to provide opportunity to the assessee before adopting SRO rate of Rs. 33.88 lakhs against documented sale consideration of Rs. 9 lakhs for determining fair market value. The matter was remanded to AO to refer fair market value determination to DVO after hearing the assessee. Regarding Jubilee Hills property, the tribunal followed coordinate bench precedent allowing interest expense deduction under section 48, directing AO to delete the disallowance of interest expense and corresponding indexation cost. en-us Tue, 18 Feb 2025 00:00:00 +0530 Thu, 20 Mar 2025 08:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767535 The ITAT Hyderabad-AT partially allowed the assessee's appeal regarding long term capital gains computation. The tribunal found that the AO failed to provide opportunity to the assessee before adopting SRO rate of Rs. 33.88 lakhs against documented sale consideration of Rs. 9 lakhs for determining fair market value. The matter was remanded to AO to refer fair market value determination to DVO after hearing the assessee. Regarding Jubilee Hills property, the tribunal followed coordinate bench precedent allowing interest expense deduction under section 48, directing AO to delete the disallowance of interest expense and corresponding indexation cost. Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767535