https://www.taxtmi.com/caselaws?id=358681 The Tribunal affirmed the Assessing Officer's calculation of long-term capital gain under section 50C for the sale of a residential property, based on stamp value. The CIT (A) upheld the assessment, emphasizing the correctness of adopting market value for gain calculation. The appellant's appeal was dismissed as the property's rate was not proven lower than circle rate. The Tribunal found valuation errors due to the tenant's occupancy impact. Allegations of forceful sale were considered, leading to a revised valuation. The assessment under sections 148/143(3) and 147 was challenged, resulting in a remittance for fresh consideration. Non-compliance with section 50C requirements necessitated a new assessment for proper valuation. en-us Fri, 13 Apr 2018 00:00:00 +0530 Mon, 16 Apr 2018 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358681 The Tribunal affirmed the Assessing Officer's calculation of long-term capital gain under section 50C for the sale of a residential property, based on stamp value. The CIT (A) upheld the assessment, emphasizing the correctness of adopting market value for gain calculation. The appellant's appeal was dismissed as the property's rate was not proven lower than circle rate. The Tribunal found valuation errors due to the tenant's occupancy impact. Allegations of forceful sale were considered, leading to a revised valuation. The assessment under sections 148/143(3) and 147 was challenged, resulting in a remittance for fresh consideration. Non-compliance with section 50C requirements necessitated a new assessment for proper valuation. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358681