https://www.taxtmi.com/caselaws?id=775839 ITAT Chandigarh allowed the assessee's appeal against the AO's valuation in a long-term capital gain case involving sale of immovable property. The AO's adoption of land value at Rs. 3,621/- per sq.yd. was set aside; the cost of land was directed to be taken at Rs. 15,000/- per sq.yd. as of 01.04.2001 with indexation benefit. The covered area for cost of construction was fixed at 3302 sq.ft., rejecting the AO's final assessment figure of 2000 sq.ft. The cost of construction was to be computed at Rs. 821/- per sq.ft. based on the Registered Valuer's report, not the lower rate suggested by the DVO. The AO was directed to recompute the Long Term Capital Gain accordingly, applying these values and allowing indexation from 01.04.2001. en-us Wed, 04 Jun 2025 00:00:00 +0530 Fri, 01 Aug 2025 08:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775839 ITAT Chandigarh allowed the assessee's appeal against the AO's valuation in a long-term capital gain case involving sale of immovable property. The AO's adoption of land value at Rs. 3,621/- per sq.yd. was set aside; the cost of land was directed to be taken at Rs. 15,000/- per sq.yd. as of 01.04.2001 with indexation benefit. The covered area for cost of construction was fixed at 3302 sq.ft., rejecting the AO's final assessment figure of 2000 sq.ft. The cost of construction was to be computed at Rs. 821/- per sq.ft. based on the Registered Valuer's report, not the lower rate suggested by the DVO. The AO was directed to recompute the Long Term Capital Gain accordingly, applying these values and allowing indexation from 01.04.2001. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775839