https://www.taxtmi.com/caselaws?id=398972 The Tribunal upheld the validity of re-opening the assessment after four years under sections 147 & 148 of the Act, finding no fault with the Assessing Officer's actions due to fresh material emerging regarding unreported property sale. However, the Tribunal ruled in favor of the assessee regarding the applicability of section 50C of the Act for determining capital gains, setting aside the addition made towards long-term capital gains in the relevant assessment year. The decision was based on the actual transfer date and possession handover, leading to the deletion of the disputed amount from the assessment. en-us Wed, 08 Jul 2020 00:00:00 +0530 Tue, 29 Sep 2020 06:57:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398972 The Tribunal upheld the validity of re-opening the assessment after four years under sections 147 & 148 of the Act, finding no fault with the Assessing Officer's actions due to fresh material emerging regarding unreported property sale. However, the Tribunal ruled in favor of the assessee regarding the applicability of section 50C of the Act for determining capital gains, setting aside the addition made towards long-term capital gains in the relevant assessment year. The decision was based on the actual transfer date and possession handover, leading to the deletion of the disputed amount from the assessment. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398972