https://www.taxtmi.com/caselaws?id=119876 The Appellate Tribunal directed the Assessing Officer to re-evaluate the market value of land as on 1-4-1981, emphasizing the importance of considering a Registered Valuer's report unless proven otherwise. The Tribunal instructed gathering additional evidence for an accurate valuation. Regarding the disallowance of expenses incurred on the sold asset, the Tribunal set aside the issue for re-examination by the Assessing Officer, highlighting the need for a well-founded decision and potential interest implications under section 234. The appeal was allowed for statistical purposes, addressing procedural or technical issues without delving into the substantive merits of the case. en-us Mon, 09 Oct 2006 00:00:00 +0530 Fri, 13 Jul 2012 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119876 The Appellate Tribunal directed the Assessing Officer to re-evaluate the market value of land as on 1-4-1981, emphasizing the importance of considering a Registered Valuer's report unless proven otherwise. The Tribunal instructed gathering additional evidence for an accurate valuation. Regarding the disallowance of expenses incurred on the sold asset, the Tribunal set aside the issue for re-examination by the Assessing Officer, highlighting the need for a well-founded decision and potential interest implications under section 234. The appeal was allowed for statistical purposes, addressing procedural or technical issues without delving into the substantive merits of the case. Case-Laws Income Tax Mon, 09 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119876