FMV Claim Rejected Because No Error Shown in Valuation Methodology

Pravinsinh Bhawansinh Vaghela Vs ITO (ITAT Ahmedabad) 54B Relief Partly Upheld: Ahmedabad ITAT Allows Land-Levelling & Fencing Cost, valuation is a matter of estimation-Confirms FMV @ ₹5/sq.m as on 1-4-1981 Ahmedabad ITAT, ‘A’ Bench, in Pravinsinh Bhawansinh Vaghela Vs ITO (ITA No.829/Ahd/2019; AY 2012-13; order dated 18-12-2025), partly allowed the assessee’s appeal in a capital-gains dispute arising from sale of land. On FMV as on 01-04-1981, the Tribunal upheld the CIT(A)’s adoption of ₹5 per sq. meter, noting that the AO’s DVO had estimated ₹3 per sq. meter and valuatio...