https://www.taxtmi.com/caselaws?id=407276 The tribunal upheld the validity of the Section 148/147 proceedings and the addition of Rs. 37,00,000 under Section 50C. However, the tribunal directed the Assessing Officer to refer the matter to the Department Valuation Officer for a fresh adjudication. The tribunal emphasized the importance of determining the nature of the land sold before making any capital gains addition. The appeals were treated as allowed for statistical purposes, and the Assessing Officer was directed to re-examine the issues in accordance with the tribunal's directions. en-us Fri, 30 Apr 2021 00:00:00 +0530 Wed, 05 May 2021 08:37:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407276 The tribunal upheld the validity of the Section 148/147 proceedings and the addition of Rs. 37,00,000 under Section 50C. However, the tribunal directed the Assessing Officer to refer the matter to the Department Valuation Officer for a fresh adjudication. The tribunal emphasized the importance of determining the nature of the land sold before making any capital gains addition. The appeals were treated as allowed for statistical purposes, and the Assessing Officer was directed to re-examine the issues in accordance with the tribunal's directions. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407276