https://www.taxtmi.com/caselaws?id=377931 The court set aside the notice of reopening and declared the assessment order invalid due to procedural irregularities and incorrect application of provisions. The Revenue's grounds for reopening, including under-valuation of flats and unsold flats discrepancies, were unsubstantiated. The Assessing Officer prematurely passed the assessment order without allowing the mandatory post-objection disposal period. The court found the approach to under-valuation incorrect and emphasized the relevance of statutory provisions like Section 50C and Section 43CA in such assessments. The lack of evidence and improper extrapolation of statements led to the dismissal of the reopening notice and invalidation of the assessment order. en-us Fri, 29 Mar 2019 00:00:00 +0530 Thu, 04 Apr 2019 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377931 The court set aside the notice of reopening and declared the assessment order invalid due to procedural irregularities and incorrect application of provisions. The Revenue's grounds for reopening, including under-valuation of flats and unsold flats discrepancies, were unsubstantiated. The Assessing Officer prematurely passed the assessment order without allowing the mandatory post-objection disposal period. The court found the approach to under-valuation incorrect and emphasized the relevance of statutory provisions like Section 50C and Section 43CA in such assessments. The lack of evidence and improper extrapolation of statements led to the dismissal of the reopening notice and invalidation of the assessment order. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377931