https://www.taxtmi.com/caselaws?id=250733 The High Court allowed the appeal in a case involving the reopening of assessment under section 147 of the Income-tax Act based on guidance value. The Court held that the Assessing Officer was justified in relying on a Government Circular for reassessment, emphasizing the importance of considering the merits of the case in property valuation disputes. The Court directed the Tribunal to hear and decide the case afresh, ensuring a thorough examination of the valuation details and providing notice to the absent assessee. en-us Mon, 03 Feb 2014 00:00:00 +0530 Sat, 23 Aug 2014 08:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250733 The High Court allowed the appeal in a case involving the reopening of assessment under section 147 of the Income-tax Act based on guidance value. The Court held that the Assessing Officer was justified in relying on a Government Circular for reassessment, emphasizing the importance of considering the merits of the case in property valuation disputes. The Court directed the Tribunal to hear and decide the case afresh, ensuring a thorough examination of the valuation details and providing notice to the absent assessee. Case-Laws Income Tax Mon, 03 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250733