https://www.taxtmi.com/caselaws?id=302974 The Tribunal upheld the CIT(A)'s decision in a case involving the deletion of an addition made under Section 50C(1) of the Income-tax Act. The CIT(A) directed the Assessing Officer to adopt the actual sale consideration declared by the assessee, considering the nominal difference in valuations. The Tribunal confirmed the necessity of a reference for valuation under Section 50C(2) and agreed with the rejection of the District Valuation Officer's valuation. The Revenue's appeal was dismissed, affirming the CIT(A)'s order in favor of the assessee. en-us Fri, 23 Jan 2015 00:00:00 +0530 Mon, 27 Jun 2022 15:50:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302974 The Tribunal upheld the CIT(A)'s decision in a case involving the deletion of an addition made under Section 50C(1) of the Income-tax Act. The CIT(A) directed the Assessing Officer to adopt the actual sale consideration declared by the assessee, considering the nominal difference in valuations. The Tribunal confirmed the necessity of a reference for valuation under Section 50C(2) and agreed with the rejection of the District Valuation Officer's valuation. The Revenue's appeal was dismissed, affirming the CIT(A)'s order in favor of the assessee. Case-Laws Income Tax Fri, 23 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302974