https://www.taxtmi.com/caselaws?id=340538 The tribunal upheld the validity of the reassessment under Section 147, dismissing the challenge regarding the notice under Section 148. The indexed cost of acquisition and improvement was adjusted in favor of the assessee, allowing a higher valuation based on commercial potential. The deduction under Section 54B for agricultural land purchase was referred back to the AO for verification, following the Supreme Court's precedent. The appeal was partly allowed with directions for reassessment, issued on 15-02-2017. en-us Wed, 15 Feb 2017 00:00:00 +0530 Thu, 23 Mar 2017 09:09:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340538 The tribunal upheld the validity of the reassessment under Section 147, dismissing the challenge regarding the notice under Section 148. The indexed cost of acquisition and improvement was adjusted in favor of the assessee, allowing a higher valuation based on commercial potential. The deduction under Section 54B for agricultural land purchase was referred back to the AO for verification, following the Supreme Court's precedent. The appeal was partly allowed with directions for reassessment, issued on 15-02-2017. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340538