https://www.taxtmi.com/caselaws?id=328660 The Tribunal overturned the lower authorities' decisions, setting aside the CIT(A)'s order and directing the Assessing Officer (AO) to reexamine the valuation issue. The Tribunal emphasized the necessity of addressing the appellant's concerns and remanded the matter for a fresh assessment, highlighting procedural lapses in the valuation process under Section 50C of the Income Tax Act. The appellant's appeal was allowed for reassessment purposes, granting an opportunity for a fair evaluation of the property's actual market value and capital gains computation. en-us Fri, 13 May 2016 00:00:00 +0530 Fri, 10 Jun 2016 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328660 The Tribunal overturned the lower authorities' decisions, setting aside the CIT(A)'s order and directing the Assessing Officer (AO) to reexamine the valuation issue. The Tribunal emphasized the necessity of addressing the appellant's concerns and remanded the matter for a fresh assessment, highlighting procedural lapses in the valuation process under Section 50C of the Income Tax Act. The appellant's appeal was allowed for reassessment purposes, granting an opportunity for a fair evaluation of the property's actual market value and capital gains computation. Case-Laws Income Tax Fri, 13 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328660