https://www.taxtmi.com/caselaws?id=383911 The Tribunal upheld the re-opening of the assessment for AY 2008-09 due to deemed escapement of income under Section 147. The Annual Let Out Value was to be determined based on Municipal Rateable value. The treatment of income from the sale of paintings was partly accepted as Long-Term Capital Gains, with a portion remitted back for further verification. The appeal was partly allowed, with the order pronounced on 30th July 2019. en-us Tue, 30 Jul 2019 00:00:00 +0530 Thu, 01 Aug 2019 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383911 The Tribunal upheld the re-opening of the assessment for AY 2008-09 due to deemed escapement of income under Section 147. The Annual Let Out Value was to be determined based on Municipal Rateable value. The treatment of income from the sale of paintings was partly accepted as Long-Term Capital Gains, with a portion remitted back for further verification. The appeal was partly allowed, with the order pronounced on 30th July 2019. Case-Laws Income Tax Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383911