Assessee wins LTCG dispute as safe harbour provisions under Section 50C apply when DVO valuation differs less than 5%

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....ITAT allowed assessee's appeal regarding LTCG computation on sale of land and building where assessee held 1/4th share. AO computed capital gains using stamp duty valuation despite assessee's objections to stamp valuation authority's report. DVO valuation report determined property value at Rs.12,07,89,700, making assessee's share Rs.3,01,97,425. Since difference between DVO valuation and assessee's declared consideration was less than 5% of sale consideration, safe harbour provisions under third proviso of Section 50C applied for AY 2012-13. CIT(A) correctly considered DVO valuation report of co-owner and ruled in assessee's favour. ITAT upheld CIT(A)'s decision, recognizing proper application of safe harbour rule and rejecting AO's reliance on disputed stamp duty valuation.....