https://www.taxtmi.com/caselaws?id=340552 The court dismissed the petition challenging the notice under Section 148 of the Income Tax Act, 1961 for re-opening assessment for the Assessment year 2009-10. The petitioner's objections regarding the applicability of Section 50C to leasehold rights were rejected, with the court emphasizing the need to raise relevant legal decisions during objections for proper consideration by the Assessing Officer. The court noted that the timing of the transfer of leasehold interest was disputed and required further investigation during assessment proceedings, ultimately upholding the Assessing Officer's decision and dismissing the petition. en-us Wed, 15 Mar 2017 00:00:00 +0530 Thu, 23 Mar 2017 09:10:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340552 The court dismissed the petition challenging the notice under Section 148 of the Income Tax Act, 1961 for re-opening assessment for the Assessment year 2009-10. The petitioner's objections regarding the applicability of Section 50C to leasehold rights were rejected, with the court emphasizing the need to raise relevant legal decisions during objections for proper consideration by the Assessing Officer. The court noted that the timing of the transfer of leasehold interest was disputed and required further investigation during assessment proceedings, ultimately upholding the Assessing Officer's decision and dismissing the petition. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340552