Sec 50C – Fair market value assessed by DVO cannot be adopted for computing capital gain

IN THE ITAT CHANDIGARH BENCH ‘A’ Income tax Officer V/s. Mohinder Nath Sehgal & Sons IT APPEAL NO. 444 (CHD.) OF 2010 [ASSESSMENT YEAR 2006-07] JUNE 11, 2010 ORDER Ms. Sushma Chowla, Judicial Member The appeal by the Revenue is against the order of CIT(A)-II, Ludhiana, dt. 17th Feb., 2010 relating to asst. yr. 2006-07 against the order passed under s. 143(3) of the IT Act. 2. The Revenue has raised the following ground of appeal : “On the facts and circumstances of the case the learned CIT(A) has erred in deleting the addition of Rs. 8,77,400 made by the ...