https://www.taxtmi.com/caselaws?id=364171 The appeal was partly allowed for statistical purposes. The notice issued under section 148 for reassessment was upheld as valid by the Commissioner, with the Tribunal finding the Assessing Officer had sufficient reason to believe income had escaped assessment under section 50C. However, the Tribunal set aside the decision regarding the consideration value for capital gains under section 50C, noting discrepancies and the failure to consider a certificate from the Registration Authority. The matter was remanded to the Assessing Officer for a fresh decision in accordance with the law. en-us Fri, 20 Jul 2018 00:00:00 +0530 Tue, 24 Jul 2018 08:52:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364171 The appeal was partly allowed for statistical purposes. The notice issued under section 148 for reassessment was upheld as valid by the Commissioner, with the Tribunal finding the Assessing Officer had sufficient reason to believe income had escaped assessment under section 50C. However, the Tribunal set aside the decision regarding the consideration value for capital gains under section 50C, noting discrepancies and the failure to consider a certificate from the Registration Authority. The matter was remanded to the Assessing Officer for a fresh decision in accordance with the law. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364171