https://www.taxtmi.com/caselaws?id=210993 The Kerala High Court, in a case concerning the assessment of capital gains under Section 153A of the Income-tax Act, set aside the orders of the appellate authorities that canceled the assessment due to lack of confirmation from the purchaser. The Court emphasized the need to consider seized documents and information from the computer, highlighted the practice of undervaluing properties, and clarified that if unaccounted payments are proven through documents, the assessment stands. The matter was remanded for reconsideration by the CIT (Appeals), with the burden on the assessee to prove the property's lesser value compared to neighboring properties. en-us Mon, 18 Jul 2011 00:00:00 +0530 Tue, 28 Feb 2012 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210993 The Kerala High Court, in a case concerning the assessment of capital gains under Section 153A of the Income-tax Act, set aside the orders of the appellate authorities that canceled the assessment due to lack of confirmation from the purchaser. The Court emphasized the need to consider seized documents and information from the computer, highlighted the practice of undervaluing properties, and clarified that if unaccounted payments are proven through documents, the assessment stands. The matter was remanded for reconsideration by the CIT (Appeals), with the burden on the assessee to prove the property's lesser value compared to neighboring properties. Case-Laws Income Tax Mon, 18 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210993