https://www.taxtmi.com/caselaws?id=250987 The High Court set aside the Tribunal's decision and remanded the case to the Assessing Officer to reassess capital gains by invoking Section 50C(2) of the Income Tax Act. The Court emphasized that the AO must refer the valuation to a Valuation Officer when objections are raised by the assessee, as per the mandatory requirement under Section 50C(2). This decision ensures accurate determination of fair market value in line with statutory provisions, upholding the principle that the AO must act upon the assessee's valuation assertions. en-us Tue, 12 Aug 2014 00:00:00 +0530 Wed, 18 Feb 2015 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250987 The High Court set aside the Tribunal's decision and remanded the case to the Assessing Officer to reassess capital gains by invoking Section 50C(2) of the Income Tax Act. The Court emphasized that the AO must refer the valuation to a Valuation Officer when objections are raised by the assessee, as per the mandatory requirement under Section 50C(2). This decision ensures accurate determination of fair market value in line with statutory provisions, upholding the principle that the AO must act upon the assessee's valuation assertions. Case-Laws Income Tax Tue, 12 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250987