https://www.taxtmi.com/caselaws?id=403723 Reassessment notice was sustained because, at the stage of issue under section 148, the Assessing Officer needed only prima facie reason to believe income had escaped assessment, not conclusive proof. For capital gains and section 50C, the earlier agreement of sale, supported by substantial payment, possession and acted-upon conduct, was treated as the operative transfer arrangement rather than the later registered deed. On those facts, the stamp valuation benchmark was taken with reference to the earlier agreement, and the addition made by applying section 50C on the basis of the 2007 deed was not sustained, giving the assessee partial relief. en-us Thu, 28 Jan 2021 00:00:00 +0530 Thu, 08 Jul 2021 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403723 Reassessment notice was sustained because, at the stage of issue under section 148, the Assessing Officer needed only prima facie reason to believe income had escaped assessment, not conclusive proof. For capital gains and section 50C, the earlier agreement of sale, supported by substantial payment, possession and acted-upon conduct, was treated as the operative transfer arrangement rather than the later registered deed. On those facts, the stamp valuation benchmark was taken with reference to the earlier agreement, and the addition made by applying section 50C on the basis of the 2007 deed was not sustained, giving the assessee partial relief. Case-Laws Income Tax Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403723