Reassessment of unreported immovable-property sales may be...

Reassessment of unreported immovable-property sales may be initiated where transfer information, non-filing of a return, and unsupported exemption claims establish a live link to escaped income; a prima facie belief, rather than conclusive proof, is sufficient at reopening. Sanction is valid where the approving authority considers detailed recorded reasons, demonstrating application of mind. Agricultural land must be classified by measuring statutory distance from the outer limits of the municipal corporation prevailing on the transfer date, not superseded municipal limits. A dishonoured sale-consideration cheque does not sustain a non-receipt claim where the sale deed remains uncancelled and parties have compromised. Indexed-cost and residential-investment exemption claims require supporting evidence and verification.