Case Law Analysis
|Income Tax Appellate Tribunal
Section 50C IT Act | AO Cannot Make LTCG Addition Without DVO Reference Even Under Limitation Pressure : ITAT Lucknow
ITAT Lucknow rules that the Assessing Officer must refer valuation disputes to the Departmental Valuation Officer under Section 50C before making Long Term Capital Gains additions, even if the assessment deadline is imminent. The tribunal set aside the addition, reinforcing statutory compliance over procedural expediency in tax assessments.