https://www.taxtmi.com/caselaws?id=769434 ITAT Surat allowed assessee's appeal regarding LTCG addition made without proper valuation. AO had referred matter to DVO for fair market value assessment of asset as on 01.04.1981 but completed assessment without receiving DVO report, adopting Rs. 5/- per meter valuation and adding Rs. 87,86,472/- as capital gains. CIT(A) dismissed appeal ex parte. ITAT admitted additional ground for section 54B exemption claim and restored matter to AO for fresh consideration with DVO report and government registered valuer report, directing proper verification of section 54B claim after providing reasonable hearing opportunity to assessee. en-us Wed, 01 Jan 2025 00:00:00 +0530 Fri, 25 Apr 2025 08:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769434 ITAT Surat allowed assessee's appeal regarding LTCG addition made without proper valuation. AO had referred matter to DVO for fair market value assessment of asset as on 01.04.1981 but completed assessment without receiving DVO report, adopting Rs. 5/- per meter valuation and adding Rs. 87,86,472/- as capital gains. CIT(A) dismissed appeal ex parte. ITAT admitted additional ground for section 54B exemption claim and restored matter to AO for fresh consideration with DVO report and government registered valuer report, directing proper verification of section 54B claim after providing reasonable hearing opportunity to assessee. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769434