https://www.taxtmi.com/caselaws?id=363273 The appeal challenged the addition under section 50C for a property sale consideration discrepancy. The Assessing Officer had computed capital gains based on an enhanced property value, leading to a discrepancy with the assessee's reported loss. The ld. CIT(A) upheld the addition, stating the Stamp Valuation Authority's value should prevail. The assessee's appeal to the Tax Board was crucial in determining the timing of the challenge. As the revision petition was filed post-assessment order, the matter should have been referred to the Valuation Officer. The case was remanded for the Assessing Officer to consider the Tax Board's decision on property valuation for capital gains calculation. en-us Fri, 06 Jul 2018 00:00:00 +0530 Thu, 16 Aug 2018 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363273 The appeal challenged the addition under section 50C for a property sale consideration discrepancy. The Assessing Officer had computed capital gains based on an enhanced property value, leading to a discrepancy with the assessee's reported loss. The ld. CIT(A) upheld the addition, stating the Stamp Valuation Authority's value should prevail. The assessee's appeal to the Tax Board was crucial in determining the timing of the challenge. As the revision petition was filed post-assessment order, the matter should have been referred to the Valuation Officer. The case was remanded for the Assessing Officer to consider the Tax Board's decision on property valuation for capital gains calculation. Case-Laws Income Tax Fri, 06 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363273