https://www.taxtmi.com/caselaws?id=288059 The Tribunal allowed the appellant's appeal, quashing the reassessment proceedings under Section 147 and rejecting the addition of long-term capital gain under Section 50C due to insufficient evidence supporting income escapement. The judgment emphasized the necessity of tangible material and a direct nexus between the belief of income escapement and evidence presented by the Assessing Officer. The reassessment proceedings were deemed invalid, following the precedent that valuation alone cannot justify income escapement, leading to the appeal being allowed. en-us Thu, 08 Sep 2016 00:00:00 +0530 Sat, 16 May 2020 10:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288059 The Tribunal allowed the appellant's appeal, quashing the reassessment proceedings under Section 147 and rejecting the addition of long-term capital gain under Section 50C due to insufficient evidence supporting income escapement. The judgment emphasized the necessity of tangible material and a direct nexus between the belief of income escapement and evidence presented by the Assessing Officer. The reassessment proceedings were deemed invalid, following the precedent that valuation alone cannot justify income escapement, leading to the appeal being allowed. Case-Laws Income Tax Thu, 08 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288059