https://www.taxtmi.com/caselaws?id=262853 The High Court ruled in favor of the assessee regarding the valuation report, stating that the Assessing Officer must record reasons for forming an opinion before calling for a report under section 55-A of the Act. However, the court sided with the Revenue on the determination of the area transferred, directing the Assessing Officer to reevaluate the matter considering the joint development agreement. The case was referred back to the Assessing Officer for a fresh computation to ensure compliance with the law and accurate assessment of the area transferred. en-us Mon, 10 Aug 2015 00:00:00 +0530 Fri, 21 Aug 2015 07:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262853 The High Court ruled in favor of the assessee regarding the valuation report, stating that the Assessing Officer must record reasons for forming an opinion before calling for a report under section 55-A of the Act. However, the court sided with the Revenue on the determination of the area transferred, directing the Assessing Officer to reevaluate the matter considering the joint development agreement. The case was referred back to the Assessing Officer for a fresh computation to ensure compliance with the law and accurate assessment of the area transferred. Case-Laws Income Tax Mon, 10 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262853