https://www.taxtmi.com/caselaws?id=434711 The Tribunal allowed the appeal, setting aside the assessment order due to improper reopening based on incorrect information without proper inquiry. The Tribunal directed the Assessing Officer to reassess the case considering fair market value, determine the cost of acquisition accurately, allow rebate under Section 54B, apply ITAT order for co-owner's case, and grant deduction under Section 54B for agricultural land purchased in the spouse's name, as funds were traced to the assessee. en-us Tue, 28 Feb 2023 00:00:00 +0530 Thu, 02 Mar 2023 08:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434711 The Tribunal allowed the appeal, setting aside the assessment order due to improper reopening based on incorrect information without proper inquiry. The Tribunal directed the Assessing Officer to reassess the case considering fair market value, determine the cost of acquisition accurately, allow rebate under Section 54B, apply ITAT order for co-owner's case, and grant deduction under Section 54B for agricultural land purchased in the spouse's name, as funds were traced to the assessee. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434711