https://www.taxtmi.com/caselaws?id=441040 The Tribunal quashed the reassessment proceedings under section 147 read with section 148, holding the reopening invalid due to lack of tangible evidence and reliance on conjecture. The addition of alleged undisclosed long-term capital gain was deemed unsustainable as it lacked corroborative evidence. Other issues such as non-allowance of cost of improvement and adoption of sale consideration under section 50C became irrelevant following the quashing of the reassessment. The denial of the opportunity for cross-examination and non-provision of complete material were also highlighted as procedural errors. Ultimately, the appeals were allowed in favor of the assessees. en-us Mon, 06 Mar 2023 00:00:00 +0530 Fri, 28 Jul 2023 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441040 The Tribunal quashed the reassessment proceedings under section 147 read with section 148, holding the reopening invalid due to lack of tangible evidence and reliance on conjecture. The addition of alleged undisclosed long-term capital gain was deemed unsustainable as it lacked corroborative evidence. Other issues such as non-allowance of cost of improvement and adoption of sale consideration under section 50C became irrelevant following the quashing of the reassessment. The denial of the opportunity for cross-examination and non-provision of complete material were also highlighted as procedural errors. Ultimately, the appeals were allowed in favor of the assessees. Case-Laws Income Tax Mon, 06 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441040