https://www.taxtmi.com/caselaws?id=205579 Timely service of notice under section 143(2) was upheld where it was issued within limitation at the address given in the return, and a clerical error in describing the assessee's relationship did not invalidate the assessment. The surplus from the plot transaction was treated as capital gains, not business income, because the assessee had effectively transferred the property through a power of attorney arrangement. Section 50C was held applicable where the declared consideration was below stamp valuation, though the assessee retained the right to seek valuation by the Valuation Officer. The deletion of the addition was reversed and the matter remitted for limited valuation verification and recomputation. en-us Fri, 27 Aug 2010 00:00:00 +0530 Tue, 28 Aug 2012 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205579 Timely service of notice under section 143(2) was upheld where it was issued within limitation at the address given in the return, and a clerical error in describing the assessee's relationship did not invalidate the assessment. The surplus from the plot transaction was treated as capital gains, not business income, because the assessee had effectively transferred the property through a power of attorney arrangement. Section 50C was held applicable where the declared consideration was below stamp valuation, though the assessee retained the right to seek valuation by the Valuation Officer. The deletion of the addition was reversed and the matter remitted for limited valuation verification and recomputation. Case-Laws Income Tax Fri, 27 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205579