https://www.taxtmi.com/caselaws?id=216548 Delay in filing the appeal was condoned by the Tribunal due to the assessee's misunderstanding of the Commissioner's order under section 263 of the Income Tax Act, 1961. The Tribunal found the delay justifiable as the assessee had obtained a stay against recovery, implying the delay was already condoned. Regarding the merits of the appeal on capital gains computation under section 50C, the Tribunal held that the AO's failure to consider section 50C rendered the assessment erroneous. The Tribunal directed the AO to refer the matter to the DVO for valuation, allowing the assessee to contest the guidelines value and compute capital gains accordingly. The appeal was partly allowed, modifying the Commissioner's order under section 263 of the Act. en-us Fri, 29 Jun 2012 00:00:00 +0530 Wed, 05 Sep 2012 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216548 Delay in filing the appeal was condoned by the Tribunal due to the assessee's misunderstanding of the Commissioner's order under section 263 of the Income Tax Act, 1961. The Tribunal found the delay justifiable as the assessee had obtained a stay against recovery, implying the delay was already condoned. Regarding the merits of the appeal on capital gains computation under section 50C, the Tribunal held that the AO's failure to consider section 50C rendered the assessment erroneous. The Tribunal directed the AO to refer the matter to the DVO for valuation, allowing the assessee to contest the guidelines value and compute capital gains accordingly. The appeal was partly allowed, modifying the Commissioner's order under section 263 of the Act. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216548