https://www.taxtmi.com/caselaws?id=369627 The appeal involved the application of Section 50C of the Income Tax Act in determining the sale consideration. The Assessing Officer's decision to use the market value fixed by the Sub Registrar was upheld by the Commissioner, despite the appellant's argument for consideration of the actual sale value. The Tribunal directed a reassessment by referring the matter to the Valuation Officer under Section 50C(2), setting aside the initial assessment order. The judgment emphasized the importance of proper valuation procedures under Section 50C for determining fair market value and capital gains accurately. en-us Fri, 26 Oct 2018 00:00:00 +0530 Wed, 31 Oct 2018 10:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369627 The appeal involved the application of Section 50C of the Income Tax Act in determining the sale consideration. The Assessing Officer's decision to use the market value fixed by the Sub Registrar was upheld by the Commissioner, despite the appellant's argument for consideration of the actual sale value. The Tribunal directed a reassessment by referring the matter to the Valuation Officer under Section 50C(2), setting aside the initial assessment order. The judgment emphasized the importance of proper valuation procedures under Section 50C for determining fair market value and capital gains accurately. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369627