https://www.taxtmi.com/caselaws?id=63838 The Tribunal quashed the assessment order, ruling that the reopening of the assessment based on the Valuation Officer's report was illegal due to the absence of pending proceedings and lack of additional material. The Tribunal found the reference to the Valuation Officer invalid and deemed the reopening of the assessment based solely on the valuation report to be unlawful. It further held that capital gains should be computed based on the actual consideration received, not the estimated market value. Consequently, the assessee's appeal was allowed, and other grounds were not adjudicated. en-us Mon, 31 Dec 2007 00:00:00 +0530 Thu, 25 Jan 2024 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63838 The Tribunal quashed the assessment order, ruling that the reopening of the assessment based on the Valuation Officer's report was illegal due to the absence of pending proceedings and lack of additional material. The Tribunal found the reference to the Valuation Officer invalid and deemed the reopening of the assessment based solely on the valuation report to be unlawful. It further held that capital gains should be computed based on the actual consideration received, not the estimated market value. Consequently, the assessee's appeal was allowed, and other grounds were not adjudicated. Case-Laws Income Tax Mon, 31 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63838