https://www.taxtmi.com/caselaws?id=751702 ITAT Visakhapatnam allowed the assessee's appeal for statistical purposes in a case involving assessment u/s 147 r.w.s 144. The AO had treated the difference between SRO value and actual sale consideration as income from other sources without properly considering the assessee's submissions and evidence. The tribunal held that the AO should have referred the matter to the Valuation Cell for property valuation and failed to appreciate evidence properly. The matter was remitted back to the AO for de-novo consideration, providing the assessee another opportunity to be heard in accordance with natural justice principles. en-us Fri, 19 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 09:13:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751702 ITAT Visakhapatnam allowed the assessee's appeal for statistical purposes in a case involving assessment u/s 147 r.w.s 144. The AO had treated the difference between SRO value and actual sale consideration as income from other sources without properly considering the assessee's submissions and evidence. The tribunal held that the AO should have referred the matter to the Valuation Cell for property valuation and failed to appreciate evidence properly. The matter was remitted back to the AO for de-novo consideration, providing the assessee another opportunity to be heard in accordance with natural justice principles. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751702