https://www.taxtmi.com/caselaws?id=341840 The ITAT allowed the assessee to raise additional grounds related to transfer of development rights and taxability. The CIT directed revision of assessment under section 263 due to valuation discrepancies, resulting in enhanced income determination. Deduction under section 54 was disallowed for lack of explanation. Valuation discrepancies led to enhanced income determination, prompting a fresh adjudication. Failure to refer the matter to DVO and incomplete adjudication of claims required re-examination. The case was sent back to the FAA for fresh adjudication, with the appeal partially allowed in favor of the assessee. en-us Wed, 12 Apr 2017 00:00:00 +0530 Wed, 19 Apr 2017 07:03:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341840 The ITAT allowed the assessee to raise additional grounds related to transfer of development rights and taxability. The CIT directed revision of assessment under section 263 due to valuation discrepancies, resulting in enhanced income determination. Deduction under section 54 was disallowed for lack of explanation. Valuation discrepancies led to enhanced income determination, prompting a fresh adjudication. Failure to refer the matter to DVO and incomplete adjudication of claims required re-examination. The case was sent back to the FAA for fresh adjudication, with the appeal partially allowed in favor of the assessee. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341840