https://www.taxtmi.com/caselaws?id=329272 The Court upheld the validity of the reassessment proceedings for the assessment year 2007-2008 based on the Assessing Officer's jurisdiction to reopen the assessment due to discrepancies in the declared sale value of immovable property. The petitioner's failure to disclose crucial information during the original assessment supported the reassessment under section 50C of the Income Tax Act for deemed long term capital gain. The Court found that the reassessment was lawful, discharged the notice, and vacated the interim relief, allowing any further challenges to be raised in appellate proceedings. en-us Tue, 21 Jun 2016 00:00:00 +0530 Fri, 18 Nov 2016 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329272 The Court upheld the validity of the reassessment proceedings for the assessment year 2007-2008 based on the Assessing Officer's jurisdiction to reopen the assessment due to discrepancies in the declared sale value of immovable property. The petitioner's failure to disclose crucial information during the original assessment supported the reassessment under section 50C of the Income Tax Act for deemed long term capital gain. The Court found that the reassessment was lawful, discharged the notice, and vacated the interim relief, allowing any further challenges to be raised in appellate proceedings. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329272