https://www.taxtmi.com/caselaws?id=445648 ITAT Delhi dismissed the appeal challenging reopening of assessment under section 147 and addition under section 50C. The assessee sold two immovable properties in equal co-ownership but claimed exemption based on distance from municipal limits. The tribunal found the properties were only 2.5-3 kilometers from Ghaziabad Municipal Corporation's outer limit, not beyond 8 kilometers as claimed. Despite a certificate from Ghaziabad Nagar Nigam supporting the assessee's position, the tribunal rejected it as contrary to facts established during remand proceedings. The CIT(A)'s direction to recompute capital gains by reducing acquisition costs from total sale consideration was upheld. en-us Thu, 09 Nov 2023 00:00:00 +0530 Sat, 11 Nov 2023 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445648 ITAT Delhi dismissed the appeal challenging reopening of assessment under section 147 and addition under section 50C. The assessee sold two immovable properties in equal co-ownership but claimed exemption based on distance from municipal limits. The tribunal found the properties were only 2.5-3 kilometers from Ghaziabad Municipal Corporation's outer limit, not beyond 8 kilometers as claimed. Despite a certificate from Ghaziabad Nagar Nigam supporting the assessee's position, the tribunal rejected it as contrary to facts established during remand proceedings. The CIT(A)'s direction to recompute capital gains by reducing acquisition costs from total sale consideration was upheld. Case-Laws Income Tax Thu, 09 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445648