https://www.taxtmi.com/caselaws?id=243094 The Tribunal allowed the appeal of the assessee, directing the AO to re-adjudicate the dispute over the adoption of the circle rate under section 50C of the IT Act. The Tribunal emphasized the importance of following the statutory procedure and referring the matter to the valuation officer for determining the fair market value of the property accurately. The AO was instructed to provide both parties with a reasonable opportunity to present their contentions and evidence for a proper adjudication based on actual market value rather than the circle rate. en-us Wed, 31 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:19:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243094 The Tribunal allowed the appeal of the assessee, directing the AO to re-adjudicate the dispute over the adoption of the circle rate under section 50C of the IT Act. The Tribunal emphasized the importance of following the statutory procedure and referring the matter to the valuation officer for determining the fair market value of the property accurately. The AO was instructed to provide both parties with a reasonable opportunity to present their contentions and evidence for a proper adjudication based on actual market value rather than the circle rate. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243094