https://www.taxtmi.com/caselaws?id=233966 The Tribunal partly allowed the Revenue's appeal, confirming the assessed sale consideration for the first five floors but remanding the assessment of profit for the additional three floors back to the AO for a fresh assessment. The AO is directed to make a detailed examination of all relevant facts and circumstances and issue a speaking order after providing the assessee a proper opportunity of hearing. The decision highlights the importance of concrete evidence in proving understatement of consideration and emphasizes the balance between fair market valuations and genuine transactions in related party dealings. en-us Wed, 15 May 2013 00:00:00 +0530 Thu, 23 May 2013 09:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233966 The Tribunal partly allowed the Revenue's appeal, confirming the assessed sale consideration for the first five floors but remanding the assessment of profit for the additional three floors back to the AO for a fresh assessment. The AO is directed to make a detailed examination of all relevant facts and circumstances and issue a speaking order after providing the assessee a proper opportunity of hearing. The decision highlights the importance of concrete evidence in proving understatement of consideration and emphasizes the balance between fair market valuations and genuine transactions in related party dealings. Case-Laws Income Tax Wed, 15 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233966