https://www.taxtmi.com/caselaws?id=122619 The case involved the valuation of properties for capital gains under section 50C of the Income-tax Act for assessment years 2003-04 and 2004-05. In both years, the Assessing Officer's valuation was challenged by the assessee, a private trust, citing lack of opportunity to rebut the valuation. The Income Tax Appellate Tribunal (ITAT) set aside the valuation issues for reassessment in both years, emphasizing the importance of providing a fair opportunity for the assessee to present evidence and explanations. The appeals were allowed for statistical purposes, ensuring no prejudice to either party. en-us Fri, 04 Dec 2009 00:00:00 +0530 Thu, 16 Aug 2012 10:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122619 The case involved the valuation of properties for capital gains under section 50C of the Income-tax Act for assessment years 2003-04 and 2004-05. In both years, the Assessing Officer's valuation was challenged by the assessee, a private trust, citing lack of opportunity to rebut the valuation. The Income Tax Appellate Tribunal (ITAT) set aside the valuation issues for reassessment in both years, emphasizing the importance of providing a fair opportunity for the assessee to present evidence and explanations. The appeals were allowed for statistical purposes, ensuring no prejudice to either party. Case-Laws Income Tax Fri, 04 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122619