Section 54 Exemption Remanded; DVO Valuation Reconsideration Directed After Objections: ITAT Jabalpur

Advertisement Surendra Singh Vs ITO (ITAT Jabalpur) The ITAT Jabalpur disposed of cross appeals filed by the assessee and the Revenue against the order of the Commissioner of Income-tax (Appeals) for Assessment Year 2015-16. The dispute concerned the assessment of long-term capital gains arising from the sale of two immovable properties, determination of fair market value (FMV), computation of sale consideration, the year of taxability of the capital gains, and eligibility for exemption under Section 54 of the Income-tax Act, 1961. The assessee had declared nil long-term capital gains after...