https://www.taxtmi.com/caselaws?id=210454 The Tribunal set aside the lower authorities' decisions and remitted the case to the Assessing Officer (AO) for fresh consideration. The AO was directed to conduct thorough inquiries and gather evidence to accurately determine the fair market value of the property as of 01-04-1981. The majority view emphasized the importance of detailed valuation methods, with the Judicial Member advocating for further investigations to establish an accurate valuation. The appeal of the Revenue was allowed for statistical purposes, highlighting the need for a comprehensive reassessment by the AO. en-us Wed, 10 Aug 2011 00:00:00 +0530 Mon, 25 Apr 2016 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210454 The Tribunal set aside the lower authorities' decisions and remitted the case to the Assessing Officer (AO) for fresh consideration. The AO was directed to conduct thorough inquiries and gather evidence to accurately determine the fair market value of the property as of 01-04-1981. The majority view emphasized the importance of detailed valuation methods, with the Judicial Member advocating for further investigations to establish an accurate valuation. The appeal of the Revenue was allowed for statistical purposes, highlighting the need for a comprehensive reassessment by the AO. Case-Laws Income Tax Wed, 10 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210454