https://www.taxtmi.com/caselaws?id=394802 The appeal challenging the initiation of proceedings under sections 147/148 of the Income Tax Act was dismissed by the Tribunal, which found that the Assessing Officer had valid grounds based on tangible information regarding undisclosed property sale. The disallowance of cost of improvement and brokerage expenses for calculating capital gains was upheld due to lack of verifiable evidence. However, the addition under section 68 was deleted as the affidavits submitted by the appellant were deemed sufficient proof, leading to partial allowance of the appeal by the ITAT Jaipur. en-us Tue, 18 Feb 2020 00:00:00 +0530 Sat, 25 Apr 2020 12:05:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394802 The appeal challenging the initiation of proceedings under sections 147/148 of the Income Tax Act was dismissed by the Tribunal, which found that the Assessing Officer had valid grounds based on tangible information regarding undisclosed property sale. The disallowance of cost of improvement and brokerage expenses for calculating capital gains was upheld due to lack of verifiable evidence. However, the addition under section 68 was deleted as the affidavits submitted by the appellant were deemed sufficient proof, leading to partial allowance of the appeal by the ITAT Jaipur. Case-Laws Income Tax Tue, 18 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394802