https://www.taxtmi.com/caselaws?id=253208 The ITAT upheld the CIT(A)'s decision to delete the addition under section 69B of the I.T. Act, ruling in favor of the assessee due to lack of evidence supporting the addition based on the DVO's valuation report. Additionally, the reassessment proceedings were quashed as the notice u/s 143(2) was issued beyond the statutory 12-month period, rendering the proceedings invalid. The ITAT clarified that sections 50C and 69B operate independently, with the registered valuer's report being the acceptable document over the DVO's valuation. en-us Wed, 08 Oct 2014 00:00:00 +0530 Tue, 18 Nov 2014 16:53:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253208 The ITAT upheld the CIT(A)'s decision to delete the addition under section 69B of the I.T. Act, ruling in favor of the assessee due to lack of evidence supporting the addition based on the DVO's valuation report. Additionally, the reassessment proceedings were quashed as the notice u/s 143(2) was issued beyond the statutory 12-month period, rendering the proceedings invalid. The ITAT clarified that sections 50C and 69B operate independently, with the registered valuer's report being the acceptable document over the DVO's valuation. Case-Laws Income Tax Wed, 08 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253208