https://www.taxtmi.com/caselaws?id=447299 Madras HC set aside reassessment notice and assessment order for AY 2017-18 regarding capital gains from land sale. Petitioner executed power of attorney and claimed entire sale consideration was received on 16.12.2015, before the relevant assessment year. Court accepted petitioner's admission that sale proceeds were received in 2015, making AY 2017-18 assessment invalid. However, court clarified that if petitioner changes stance, revenue authorities can initiate fresh proceedings. Matter remains pending before appellate authority for AY 2016-17 to determine actual receipt date of sale consideration. en-us Mon, 27 Nov 2023 00:00:00 +0530 Fri, 22 Dec 2023 09:42:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447299 Madras HC set aside reassessment notice and assessment order for AY 2017-18 regarding capital gains from land sale. Petitioner executed power of attorney and claimed entire sale consideration was received on 16.12.2015, before the relevant assessment year. Court accepted petitioner's admission that sale proceeds were received in 2015, making AY 2017-18 assessment invalid. However, court clarified that if petitioner changes stance, revenue authorities can initiate fresh proceedings. Matter remains pending before appellate authority for AY 2016-17 to determine actual receipt date of sale consideration. Case-Laws Income Tax Mon, 27 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447299