Assessee entitled to raise objections u/s 264 and 246A even if not raised during original assessment proceedings

R.C. Kannan Vs PCIT (Madras High Court)

Conclusion: AO had to therefore refer the valuation of the property viz., capital asset under proviso to sub-clause (vii)(c) to sub-section 2 to Section 56 of the IT Act to the Valuation Officer. Even if, no objections was raised before AO prior to the assessment order being passe

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