https://www.taxtmi.com/caselaws?id=774985 The ITAT Chandigarh ruled on LTCG computation and section 54F deduction claims. Regarding cost of acquisition valuation at Rs. 980 per square meter, the tribunal held that since the AO failed to refer the registered valuer's report to DVO under section 55A, the assessee's adopted valuation could not be faulted. For section 54F deduction, the assessee claimed investment of Rs. 30.15 lacs from cash withdrawals totaling Rs. 37.06 lacs. The tribunal accepted deduction for Rs. 27.90 lacs, representing undoubted withdrawals, while rejecting Rs. 9.16 lacs due to discrepancies. The notice under section 143(2) was deemed invalid as the assessee was a non-filer who failed to file returns within 30 days of section 148 notice, violating the GKN Driveshafts precedent. The AO was directed to recompute income accordingly. en-us Tue, 15 Jul 2025 00:00:00 +0530 Thu, 17 Jul 2025 08:19:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774985 The ITAT Chandigarh ruled on LTCG computation and section 54F deduction claims. Regarding cost of acquisition valuation at Rs. 980 per square meter, the tribunal held that since the AO failed to refer the registered valuer's report to DVO under section 55A, the assessee's adopted valuation could not be faulted. For section 54F deduction, the assessee claimed investment of Rs. 30.15 lacs from cash withdrawals totaling Rs. 37.06 lacs. The tribunal accepted deduction for Rs. 27.90 lacs, representing undoubted withdrawals, while rejecting Rs. 9.16 lacs due to discrepancies. The notice under section 143(2) was deemed invalid as the assessee was a non-filer who failed to file returns within 30 days of section 148 notice, violating the GKN Driveshafts precedent. The AO was directed to recompute income accordingly. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774985