https://www.taxtmi.com/caselaws?id=334276 The court quashed the reference made to the Valuation Officer and subsequent communications, citing lack of justification, incorrect assumptions, and improper application of relevant sections of the Income-tax Act. The court clarified that Section 50C applies to the seller, not the purchaser, and that Section 142A cannot be invoked without meeting Section 69 conditions. Consequently, the petition was allowed, and the challenged actions were set aside. en-us Thu, 20 Oct 2016 00:00:00 +0530 Mon, 02 Mar 2026 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334276 The court quashed the reference made to the Valuation Officer and subsequent communications, citing lack of justification, incorrect assumptions, and improper application of relevant sections of the Income-tax Act. The court clarified that Section 50C applies to the seller, not the purchaser, and that Section 142A cannot be invoked without meeting Section 69 conditions. Consequently, the petition was allowed, and the challenged actions were set aside. Case-Laws Income Tax Thu, 20 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334276