https://www.taxtmi.com/caselaws?id=390686 Reassessment can be reopened when the Assessing Officer relies on tangible material indicating escapement of income, such as information from stamp and registration authorities showing a mismatch between declared consideration and guidance value; the jurisdictional challenge failed. Symbolic possession under an agreement of sale did not amount to transfer of physical possession in the earlier year, so the transfer could not be treated as having occurred then. The valuation objection under Section 50C was treated as factual and not fit for interference, especially where remand proceedings were already before the appellate authority. en-us Wed, 04 Dec 2019 00:00:00 +0530 Thu, 09 Jan 2020 11:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390686 Reassessment can be reopened when the Assessing Officer relies on tangible material indicating escapement of income, such as information from stamp and registration authorities showing a mismatch between declared consideration and guidance value; the jurisdictional challenge failed. Symbolic possession under an agreement of sale did not amount to transfer of physical possession in the earlier year, so the transfer could not be treated as having occurred then. The valuation objection under Section 50C was treated as factual and not fit for interference, especially where remand proceedings were already before the appellate authority. Case-Laws Income Tax Wed, 04 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390686