https://www.taxtmi.com/caselaws?id=234077 The High Court examined the validity of a show cause notice issued by the Income Tax Officer under Section 148 of the Income Tax Act for re-opening the assessment of the petitioner-assessee. The Court found discrepancies in the valuation of land for capital gain calculation and quashed the notice, directing the Officer to proceed based on other valid material. The decision in a related case, determining a lower basic price for land, invalidated the Officer's assumptions, leading to the Court's decision. The judgment underscores the significance of accurate valuation in income tax assessments and adherence to legal procedures. en-us Thu, 09 May 2013 00:00:00 +0530 Tue, 28 May 2013 11:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234077 The High Court examined the validity of a show cause notice issued by the Income Tax Officer under Section 148 of the Income Tax Act for re-opening the assessment of the petitioner-assessee. The Court found discrepancies in the valuation of land for capital gain calculation and quashed the notice, directing the Officer to proceed based on other valid material. The decision in a related case, determining a lower basic price for land, invalidated the Officer's assumptions, leading to the Court's decision. The judgment underscores the significance of accurate valuation in income tax assessments and adherence to legal procedures. Case-Laws Income Tax Thu, 09 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234077