https://www.taxtmi.com/caselaws?id=372382 Reopening of assessment based on an alleged later date of acquisition was held unsustainable where the return had been processed under section 143(1) and the recorded reasons depended on an incorrect legal premise. The assessee had agreed to buy immovable property in 1992, paid earnest money, and was later prevented from completing the conveyance only because an unlawful Chapter XX-C intervention delayed execution until a court-directed sale deed. The later deed was treated as relating back to the original agreement for capital gains purposes, so indexation ran from the original acquisition date. The reassessment notice was therefore set aside. en-us Fri, 14 Dec 2018 00:00:00 +0530 Tue, 12 Mar 2019 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372382 Reopening of assessment based on an alleged later date of acquisition was held unsustainable where the return had been processed under section 143(1) and the recorded reasons depended on an incorrect legal premise. The assessee had agreed to buy immovable property in 1992, paid earnest money, and was later prevented from completing the conveyance only because an unlawful Chapter XX-C intervention delayed execution until a court-directed sale deed. The later deed was treated as relating back to the original agreement for capital gains purposes, so indexation ran from the original acquisition date. The reassessment notice was therefore set aside. Case-Laws Income Tax Fri, 14 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372382