https://www.taxtmi.com/caselaws?id=252948 The Tribunal upheld the Assessing Officer's jurisdiction under Section 147 of the Income Tax Act, dismissing the Assessee's challenge. It also found the reasons for reopening the assessment to be valid. The issue of fair market value of agricultural land was remanded for fresh consideration. The land was classified as partly agricultural (1/5th) and partly a capital asset (4/5th), with directions to compute capital gains accordingly. The Revenue's appeal was partly allowed, and the Assessee's cross objection was partly allowed for statistical purposes. en-us Fri, 08 Aug 2014 00:00:00 +0530 Sat, 08 Nov 2014 06:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252948 The Tribunal upheld the Assessing Officer's jurisdiction under Section 147 of the Income Tax Act, dismissing the Assessee's challenge. It also found the reasons for reopening the assessment to be valid. The issue of fair market value of agricultural land was remanded for fresh consideration. The land was classified as partly agricultural (1/5th) and partly a capital asset (4/5th), with directions to compute capital gains accordingly. The Revenue's appeal was partly allowed, and the Assessee's cross objection was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252948