https://www.taxtmi.com/caselaws?id=448602 The ITAT Bangalore upheld the AO's reopening of assessment under section 147 for incorrect capital gain declaration, rejecting the assessee's argument that reopening was based solely on audit objection. The tribunal held that audit objections constitute valid information for reopening under section 148. Regarding capital gain computation, the tribunal allowed the assessee to claim indexed cost of acquisition from 1981 for gifted property originally purchased before that date, following jurisdictional HC precedent. The tribunal also permitted indexed cost of construction for a penthouse built outside sanctioned plans, noting it was regularized with municipal authorities by the sale date and qualified as a capital asset. The appeal was partly allowed. en-us Fri, 19 Jan 2024 00:00:00 +0530 Wed, 24 Jan 2024 07:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448602 The ITAT Bangalore upheld the AO's reopening of assessment under section 147 for incorrect capital gain declaration, rejecting the assessee's argument that reopening was based solely on audit objection. The tribunal held that audit objections constitute valid information for reopening under section 148. Regarding capital gain computation, the tribunal allowed the assessee to claim indexed cost of acquisition from 1981 for gifted property originally purchased before that date, following jurisdictional HC precedent. The tribunal also permitted indexed cost of construction for a penthouse built outside sanctioned plans, noting it was regularized with municipal authorities by the sale date and qualified as a capital asset. The appeal was partly allowed. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448602