https://www.taxtmi.com/caselaws?id=440820 Delhi HC quashed reassessment proceedings u/s 147 for capital gains computation. AO failed to apply mind while determining cost of acquisition, arbitrarily selecting Rs. 8 per sq meter instead of Rs. 10 without justification, and ignored available material from DCIT. AO also overlooked petitioner's Section 54EC deduction claim of Rs. 1 crore. PCIT rubber-stamped AO's decision without proper scrutiny. Court held both authorities showed complete non-application of mind, lacking sufficient material to form belief that income escaped assessment. en-us Tue, 18 Jul 2023 00:00:00 +0530 Tue, 07 Jan 2025 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440820 Delhi HC quashed reassessment proceedings u/s 147 for capital gains computation. AO failed to apply mind while determining cost of acquisition, arbitrarily selecting Rs. 8 per sq meter instead of Rs. 10 without justification, and ignored available material from DCIT. AO also overlooked petitioner's Section 54EC deduction claim of Rs. 1 crore. PCIT rubber-stamped AO's decision without proper scrutiny. Court held both authorities showed complete non-application of mind, lacking sufficient material to form belief that income escaped assessment. Case-Laws Income Tax Tue, 18 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440820