https://www.taxtmi.com/caselaws?id=264559 The Tribunal set aside the assessment order and directed the Assessing Officer (AO) to reevaluate the capital gain by invoking section 50C(2) of the Income Tax Act. The Tribunal emphasized the necessity of referring the valuation to the Departmental Valuation Officer (DVO) and providing the assessee with a fair opportunity to be heard. The decision underscored the significance of procedural compliance and principles of natural justice in tax assessments, ensuring adherence to statutory provisions for a just outcome. en-us Wed, 08 Jul 2015 00:00:00 +0530 Mon, 28 Sep 2015 10:19:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264559 The Tribunal set aside the assessment order and directed the Assessing Officer (AO) to reevaluate the capital gain by invoking section 50C(2) of the Income Tax Act. The Tribunal emphasized the necessity of referring the valuation to the Departmental Valuation Officer (DVO) and providing the assessee with a fair opportunity to be heard. The decision underscored the significance of procedural compliance and principles of natural justice in tax assessments, ensuring adherence to statutory provisions for a just outcome. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264559