https://www.taxtmi.com/caselaws?id=68677 The Tribunal allowed the assessee's appeal and dismissed the Department's appeal as the reassessment order was deemed to be without jurisdiction. The reassessment proceedings under section 147 were found unsustainable as the AO had taxed income beyond the initially identified capital gains without proper justification. Consequently, the reassessment order was quashed, leading to the dismissal of other issues raised in the appeals, including fair market value determination, deduction restriction, addition of household expenses, and interest levied under various sections. en-us Wed, 20 Aug 2008 00:00:00 +0530 Mon, 06 Aug 2012 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68677 The Tribunal allowed the assessee's appeal and dismissed the Department's appeal as the reassessment order was deemed to be without jurisdiction. The reassessment proceedings under section 147 were found unsustainable as the AO had taxed income beyond the initially identified capital gains without proper justification. Consequently, the reassessment order was quashed, leading to the dismissal of other issues raised in the appeals, including fair market value determination, deduction restriction, addition of household expenses, and interest levied under various sections. Case-Laws Income Tax Wed, 20 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68677