https://www.taxtmi.com/caselaws?id=417577 The Tribunal upheld the jurisdiction under sections 147/148 of the Income Tax Act, dismissing the appellant's challenge. The valuation of property based on circle rate versus independent evidence was remanded for proper consideration due to discrepancies. Concerns regarding the adoption of sale consideration for capital gain calculation were partially allowed for reassessment. The legal grounds for re-opening the assessment were upheld, as the appellant failed to provide evidence of proper disclosure. A discrepancy in property valuation between reasons recorded and assessment led to reassessment. The Tribunal emphasized the importance of consistency in valuation methods and assessments in tax matters. en-us Tue, 18 Jan 2022 00:00:00 +0530 Thu, 27 Jan 2022 08:42:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417577 The Tribunal upheld the jurisdiction under sections 147/148 of the Income Tax Act, dismissing the appellant's challenge. The valuation of property based on circle rate versus independent evidence was remanded for proper consideration due to discrepancies. Concerns regarding the adoption of sale consideration for capital gain calculation were partially allowed for reassessment. The legal grounds for re-opening the assessment were upheld, as the appellant failed to provide evidence of proper disclosure. A discrepancy in property valuation between reasons recorded and assessment led to reassessment. The Tribunal emphasized the importance of consistency in valuation methods and assessments in tax matters. Case-Laws Income Tax Tue, 18 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417577