https://www.taxtmi.com/caselaws?id=418566 The Tribunal quashed the reassessment proceedings initiated by the AO, admitting the appeal filed by the assessee. The Tribunal found the reopening of assessment based on factually incorrect premises unsustainable in law, invalidating the adoption of deemed purchase consideration and the reference to the DVO valuation. Approval under Section 151 was deemed mechanical, and the Tribunal emphasized the importance of accepting the Government Approved Valuer's report in the absence of incriminating material. Other grounds challenging the reassessment and addition were not adjudicated, with the appeal allowed on 16th February 2022. en-us Wed, 16 Feb 2022 00:00:00 +0530 Sat, 19 Feb 2022 07:03:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418566 The Tribunal quashed the reassessment proceedings initiated by the AO, admitting the appeal filed by the assessee. The Tribunal found the reopening of assessment based on factually incorrect premises unsustainable in law, invalidating the adoption of deemed purchase consideration and the reference to the DVO valuation. Approval under Section 151 was deemed mechanical, and the Tribunal emphasized the importance of accepting the Government Approved Valuer's report in the absence of incriminating material. Other grounds challenging the reassessment and addition were not adjudicated, with the appeal allowed on 16th February 2022. Case-Laws Income Tax Wed, 16 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418566