https://www.taxtmi.com/caselaws?id=247048 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the valuation of agricultural property, dismissing the Revenue's appeal. The Court emphasized the burden of proof under Section 69B of the Income Tax Act lies with the Revenue and must be supported by positive evidence. It ruled that the District Valuation Officer's report alone was insufficient to justify enhancing the property's value. Additionally, the Court affirmed the recomputation of short-term capital gain related to the sale of land as directed by the Commissioner of Income Tax (Appeals). en-us Fri, 25 Apr 2014 00:00:00 +0530 Wed, 30 Apr 2014 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247048 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the valuation of agricultural property, dismissing the Revenue's appeal. The Court emphasized the burden of proof under Section 69B of the Income Tax Act lies with the Revenue and must be supported by positive evidence. It ruled that the District Valuation Officer's report alone was insufficient to justify enhancing the property's value. Additionally, the Court affirmed the recomputation of short-term capital gain related to the sale of land as directed by the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Fri, 25 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247048