https://www.taxtmi.com/caselaws?id=438475 The Karnataka HC set aside an order passed under Section 148A(d) regarding reopening of assessment. The court held that for determining the extended time limit under Section 149(1)(b), "income chargeable to tax" refers to capital gains computed under Section 48 (sale consideration minus cost of acquisition/indexed cost), not the entire sale consideration. The Revenue's contention that the full sale consideration of Rs.55,77,700 should be considered for the fifty lakh threshold was rejected. The court found the Authority failed to apply its mind to the assessee's reply and misinterpreted the legal position regarding extended period applicability. en-us Wed, 24 May 2023 00:00:00 +0530 Fri, 20 Jun 2025 12:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438475 The Karnataka HC set aside an order passed under Section 148A(d) regarding reopening of assessment. The court held that for determining the extended time limit under Section 149(1)(b), "income chargeable to tax" refers to capital gains computed under Section 48 (sale consideration minus cost of acquisition/indexed cost), not the entire sale consideration. The Revenue's contention that the full sale consideration of Rs.55,77,700 should be considered for the fifty lakh threshold was rejected. The court found the Authority failed to apply its mind to the assessee's reply and misinterpreted the legal position regarding extended period applicability. Case-Laws Income Tax Wed, 24 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438475