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Case Law Details

Case Name : Bombay Samachar Pvt. Ltd Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2015-16
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Bombay Samachar Pvt. Ltd Vs ACIT (ITAT Mumbai)

Introduction: The case of Bombay Samachar Pvt. Ltd Vs ACIT brings to light a significant issue regarding the valuation of property for taxation purposes. The core question revolves around whether a Valuation Officer should be involved in determining the sale consideration, as mandated by Section 50C of the Income Tax Act, 1961.

Detailed Analysis: Bombay Samachar Pvt. Ltd, a company engaged in the printing and

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