ITAT Deletes LTCG Addition as DVO Reference Under Section 55A Was Invalid

Nanubhai G. Ahir Vs ITO (ITAT Surat) The appeal before the ITAT Surat concerned the computation of Long-Term Capital Gains (LTCG) arising from the sale of land during Assessment Year 2012-13. The assessee sold land situated at Sultanabad, Surat, for ₹3.30 crore and, while computing LTCG, adopted the fair market value (FMV) of the property as on 01.04.1981 at ₹290 per sq. meter based on a valuation report prepared by a Government Approved Valuer. Using this valuation, the assessee calculated the indexed cost of acquisition and claimed exemption under Section 54B of the Income Tax Act. Durin...