TaxTMI 
TaxTMI 
3 BROTHERS SOLD PROPERTY AS 1/3RD YEAR EACH, ALL INVESTED IN SEPARATE PROPERTY AND TAKEN BENEFIT U/S 54..ONE BROTHER WAS ASSESSED U/S 143(3) WHEREIN DEMAND WAS CREATED ON BASIS OF DIFFERENCE IN VALUATION OF PROPERTY RATES I.E CIRCLE RATES. REST TWO BROTHERS RECEIVED NOTICE FROM I.T.O FOR REASSESSMENT U/S 147...... QUERY IS WEATHER ITO ON BASIS OF ADDITION IN INCOME OF ONE BROTHER CAN ITO GIVE NOTICE N REASSESS OTHER TWO BROTHERS, IT THIS ADDITION A SUBSTANTIAL EVIDENCE TO REASSESS.
SEC 148 INCOME TAX
26 Feb 2016 
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Reassessment power: a confirmed addition in one co-owner's assessment may justify reopening assessments of related co-owners.
If an addition to income in one co-owner's assessment is confirmed (and not overturned on appeal), that confirmed addition may constitute material sufficient to justify reopening and issuing reassessment notices to the other co-owners; those recipients may nevertheless contest the reassessment notices procedurally. (AI Summary)
If an addition to income in one co-owner's assessment is confirmed (and not overturned on appeal), that confirmed addition may constitute material sufficient to justify reopening and issuing reassessment notices to the other co-owners; those recipients may nevertheless contest the reassessment notices procedurally. (AI Summary)