https://www.taxtmi.com/caselaws?id=287360 The Tribunal allowed the appeal, directing the Assessing Officer (AO) to refer the property valuation to the Departmental Valuation Officer (DVO) for fair assessment. The AO was instructed to consider the nature of the plot as residential based on evidence provided by the assessee. The Tribunal emphasized the importance of proper application of Section 50C of the Income Tax Act to ensure accurate valuation reflecting the property's fair market value. en-us Thu, 26 Oct 2017 00:00:00 +0530 Sat, 11 Apr 2020 10:48:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287360 The Tribunal allowed the appeal, directing the Assessing Officer (AO) to refer the property valuation to the Departmental Valuation Officer (DVO) for fair assessment. The AO was instructed to consider the nature of the plot as residential based on evidence provided by the assessee. The Tribunal emphasized the importance of proper application of Section 50C of the Income Tax Act to ensure accurate valuation reflecting the property's fair market value. Case-Laws Income Tax Thu, 26 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287360