https://www.taxtmi.com/caselaws?id=395318 The Tribunal partly allowed the appeal challenging the reopening of assessment under Section 148 of the Income Tax Act, 1961. It emphasized the importance of considering the property's actual condition, encumbrances, and valid reasons for reopening assessments. The judgment highlighted the need for fair valuation methods and proper deductions in determining Long Term Capital Gain. The Tribunal directed the Assessing Officer to reconsider the Long Term Capital Gain calculation by allowing the indexed cost of construction as claimed by the appellant. en-us Wed, 06 May 2020 00:00:00 +0530 Fri, 15 May 2020 20:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395318 The Tribunal partly allowed the appeal challenging the reopening of assessment under Section 148 of the Income Tax Act, 1961. It emphasized the importance of considering the property's actual condition, encumbrances, and valid reasons for reopening assessments. The judgment highlighted the need for fair valuation methods and proper deductions in determining Long Term Capital Gain. The Tribunal directed the Assessing Officer to reconsider the Long Term Capital Gain calculation by allowing the indexed cost of construction as claimed by the appellant. Case-Laws Income Tax Wed, 06 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395318