https://www.taxtmi.com/highlights?id=70079 Reopening of assessment - determination of the 'income chargeable to tax' - The amount of “capital gain” is to be considered or the “entire sale consideration” to be considered - In the present case, the words found in Section 149 which is 'income chargeable to tax' must be read in terms of 'income' as arising out of the 'Capital Gains' as provided under Section 48 and this is the only manner of understanding the words, 'income chargeable to tax under Section 149(1)(b) of I.T. Act. - HC en-us Thu, 01 Jun 2023 08:08:12 +0530 Fri, 02 Jun 2023 16:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=70079 Reopening of assessment - determination of the 'income chargeable to tax' - The amount of “capital gain” is to be considered or the “entire sale consideration” to be considered - In the present case, the words found in Section 149 which is 'income chargeable to tax' must be read in terms of 'income' as arising out of the 'Capital Gains' as provided under Section 48 and this is the only manner of understanding the words, 'income chargeable to tax under Section 149(1)(b) of I.T. Act. - HC Highlights Income Tax Thu, 01 Jun 2023 08:08:12 +0530 https://www.taxtmi.com/highlights?id=70079