https://www.taxtmi.com/caselaws?id=402132 The Tribunal upheld the validity of the notice issued under Section 148 by the jurisdictional officer. However, it invalidated the proceedings under Section 147 due to incorrect facts relied upon by the Assessing Officer. The Tribunal set aside the addition under Section 50C, directing the calculation of capital gains based on the stamp value of FY 2004-05. The District Valuation Officer's report was deemed insufficient, and the Tribunal directed a reassessment. Interest issues under Sections 234A, 234B, and 234C were considered consequential. Overall, the Tribunal partially allowed the appeal by quashing Section 147 proceedings and altering the assessment under Section 50C. en-us Mon, 21 Dec 2020 00:00:00 +0530 Thu, 28 Oct 2021 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402132 The Tribunal upheld the validity of the notice issued under Section 148 by the jurisdictional officer. However, it invalidated the proceedings under Section 147 due to incorrect facts relied upon by the Assessing Officer. The Tribunal set aside the addition under Section 50C, directing the calculation of capital gains based on the stamp value of FY 2004-05. The District Valuation Officer's report was deemed insufficient, and the Tribunal directed a reassessment. Interest issues under Sections 234A, 234B, and 234C were considered consequential. Overall, the Tribunal partially allowed the appeal by quashing Section 147 proceedings and altering the assessment under Section 50C. Case-Laws Income Tax Mon, 21 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402132