https://www.taxtmi.com/caselaws?id=234463 The Appellate Tribunal dismissed the challenge on the validity of re-assessment proceedings for the assessment years. The Assessing Officer's computation of capital gains using ready reckoner rates was found to be higher than the amounts declared by the assessee. Despite lacking explicit authority, the Tribunal directed the AO to re-compute the capital gains based on valuation reports and BMC certificates, providing the assessee with an opportunity to present evidence. The appeals were allowed for statistical purposes, with the matter remanded to the AO for re-adjudication following the Tribunal's directions. en-us Wed, 13 Mar 2013 00:00:00 +0530 Wed, 12 Jun 2013 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234463 The Appellate Tribunal dismissed the challenge on the validity of re-assessment proceedings for the assessment years. The Assessing Officer's computation of capital gains using ready reckoner rates was found to be higher than the amounts declared by the assessee. Despite lacking explicit authority, the Tribunal directed the AO to re-compute the capital gains based on valuation reports and BMC certificates, providing the assessee with an opportunity to present evidence. The appeals were allowed for statistical purposes, with the matter remanded to the AO for re-adjudication following the Tribunal's directions. Case-Laws Income Tax Wed, 13 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234463