https://www.taxtmi.com/caselaws?id=379815 The Tribunal found the re-assessment proceedings invalid as the Assessing Officer relied on vague and irrelevant information, leading to the cancellation of the assessments under section 147/143(3). The classification of the land as urban or rural for tax exemption purposes was disputed, with the Tribunal emphasizing the inadequacy of the information used by the AO. The appeals of the assessees were allowed, and the additions made on account of long-term capital gain were rendered infructuous. en-us Fri, 03 May 2019 00:00:00 +0530 Wed, 08 May 2019 07:24:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379815 The Tribunal found the re-assessment proceedings invalid as the Assessing Officer relied on vague and irrelevant information, leading to the cancellation of the assessments under section 147/143(3). The classification of the land as urban or rural for tax exemption purposes was disputed, with the Tribunal emphasizing the inadequacy of the information used by the AO. The appeals of the assessees were allowed, and the additions made on account of long-term capital gain were rendered infructuous. Case-Laws Income Tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379815