https://www.taxtmi.com/caselaws?id=352086 The Tribunal allowed the Revenue's appeal, setting aside the deletion of an addition under section 69B of the Income Tax Act for the Assessment Year 2015-16. It directed a fresh adjudication by the Assessing Officer, emphasizing the necessity of determining the fair market value of the property accurately. The Tribunal highlighted the discrepancies in sale consideration and the lack of proper valuation, requiring expert involvement for property valuation. Both the Revenue and the assessee were granted an opportunity for a hearing in the reassessment process. en-us Wed, 15 Nov 2017 00:00:00 +0530 Thu, 07 Dec 2017 08:43:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352086 The Tribunal allowed the Revenue's appeal, setting aside the deletion of an addition under section 69B of the Income Tax Act for the Assessment Year 2015-16. It directed a fresh adjudication by the Assessing Officer, emphasizing the necessity of determining the fair market value of the property accurately. The Tribunal highlighted the discrepancies in sale consideration and the lack of proper valuation, requiring expert involvement for property valuation. Both the Revenue and the assessee were granted an opportunity for a hearing in the reassessment process. Case-Laws Income Tax Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352086