https://www.taxtmi.com/caselaws?id=398248 The Tribunal set aside the CIT (A)'s order, directing the AO to reassess the capital gains based on the property's value as of the agreement date under section 50C of the Income-tax Act, 1961. The Tribunal emphasized the agreement's genuineness and the proviso to section 50C, instructing the AO to verify the SRO value on the agreement date and provide the assessee an opportunity before finalizing the assessment. The appeal was allowed for statistical purposes, underscoring the significance of considering the agreement date for valuation in similar cases. en-us Wed, 11 Mar 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398248 The Tribunal set aside the CIT (A)'s order, directing the AO to reassess the capital gains based on the property's value as of the agreement date under section 50C of the Income-tax Act, 1961. The Tribunal emphasized the agreement's genuineness and the proviso to section 50C, instructing the AO to verify the SRO value on the agreement date and provide the assessee an opportunity before finalizing the assessment. The appeal was allowed for statistical purposes, underscoring the significance of considering the agreement date for valuation in similar cases. Case-Laws Income Tax Wed, 11 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398248