Capital Gains Reassessment Remanded Because AO Failed to Refer Stamp Valuation to DVO Under Section 50C

Biharilal Vs Assessment Unit of Income tax Department (ITAT Indore) The assessee filed an appeal against the order dated 15.01.2025 passed by the CIT(A)-NFAC, Delhi, which arose from the assessment order dated 23.03.2023 passed under Sections 147 read with 144 and 144B of the Income Tax Act, 1961 for AY 2018-19. The reassessment proceedings were initiated on the basis of information available on the INSIGHT Portal regarding sale transactions of immovable properties during FY 2017-18. Notice under Section 148A(b) remained uncomplied with. Thereafter, notice under Section 148 was issued, followe...