https://www.taxtmi.com/caselaws?id=6051 The Supreme Court set aside the High Court's judgment and directed the appropriate authority to reconsider the undervaluation of immovable property under the Income-tax Act, 1961. The Court emphasized the need to consider the comparison with the sale instance of another property and instructed the authority to disclose relevant information to the appellants for a fair decision. The appellants were granted the opportunity to be heard, and only the specific property in question was to be reassessed, maintaining the status quo until the matter was promptly reconsidered. en-us Thu, 11 Oct 2001 00:00:00 +0530 Mon, 01 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6051 The Supreme Court set aside the High Court's judgment and directed the appropriate authority to reconsider the undervaluation of immovable property under the Income-tax Act, 1961. The Court emphasized the need to consider the comparison with the sale instance of another property and instructed the authority to disclose relevant information to the appellants for a fair decision. The appellants were granted the opportunity to be heard, and only the specific property in question was to be reassessed, maintaining the status quo until the matter was promptly reconsidered. Case-Laws Income Tax Thu, 11 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6051