https://www.taxtmi.com/caselaws?id=398696 The Tribunal found in favor of the assessee on two key issues. Firstly, it determined that the absence of a valid notice under Section 143(2) of the Income Tax Act vitiated the assessment proceedings. Secondly, it concluded that the valuation of land for capital gains calculation was excessive and not reflective of the true market value due to ecological restrictions. As a result, the Tribunal directed the Assessing Officer to recalculate the capital gains based on a more reasonable valuation, resulting in a net capital gain of Rs. 1,42,733 and a tax liability for the assessee. The appeal was allowed in part. en-us Thu, 03 Sep 2020 00:00:00 +0530 Tue, 22 Sep 2020 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398696 The Tribunal found in favor of the assessee on two key issues. Firstly, it determined that the absence of a valid notice under Section 143(2) of the Income Tax Act vitiated the assessment proceedings. Secondly, it concluded that the valuation of land for capital gains calculation was excessive and not reflective of the true market value due to ecological restrictions. As a result, the Tribunal directed the Assessing Officer to recalculate the capital gains based on a more reasonable valuation, resulting in a net capital gain of Rs. 1,42,733 and a tax liability for the assessee. The appeal was allowed in part. Case-Laws Income Tax Thu, 03 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398696