https://www.taxtmi.com/caselaws?id=460727 The Tribunal allowed the appeal, finding that the Assessing Officer erred by not referring the property's valuation to the Departmental Valuation Officer (DVO) under section 50C(2) of the Income Tax Act, 1961. The Tribunal emphasized the necessity of fair treatment to taxpayers, remitting the matter to the Assessing Officer for a new adjudication with directions to refer the valuation to the DVO. The issues regarding the penalty under section 271(1)(c) and the revised return were not explicitly addressed in the judgment. en-us Thu, 22 Sep 2016 00:00:00 +0530 Wed, 12 Feb 2025 21:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460727 The Tribunal allowed the appeal, finding that the Assessing Officer erred by not referring the property's valuation to the Departmental Valuation Officer (DVO) under section 50C(2) of the Income Tax Act, 1961. The Tribunal emphasized the necessity of fair treatment to taxpayers, remitting the matter to the Assessing Officer for a new adjudication with directions to refer the valuation to the DVO. The issues regarding the penalty under section 271(1)(c) and the revised return were not explicitly addressed in the judgment. Case-Laws Income Tax Thu, 22 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460727