https://www.taxtmi.com/caselaws?id=304261 The Tribunal allowed the appeal, quashing the reassessment order and directing the AO to re-compute the capital gain based on the assessee's declared cost of acquisition. The reassessment was deemed invalid due to lack of concrete evidence for income escapement. The Tribunal emphasized that the AO's reliance on suspicion was insufficient for reopening the assessment. Additionally, the reference to the DVO was found invalid as it was made before the amendment to Section 55A took effect. The appeal outcome favored the assessee. en-us Mon, 08 Jul 2019 00:00:00 +0530 Thu, 15 Sep 2022 20:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304261 The Tribunal allowed the appeal, quashing the reassessment order and directing the AO to re-compute the capital gain based on the assessee's declared cost of acquisition. The reassessment was deemed invalid due to lack of concrete evidence for income escapement. The Tribunal emphasized that the AO's reliance on suspicion was insufficient for reopening the assessment. Additionally, the reference to the DVO was found invalid as it was made before the amendment to Section 55A took effect. The appeal outcome favored the assessee. Case-Laws Income Tax Mon, 08 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304261