https://www.taxtmi.com/caselaws?id=757845 ITAT Chennai dismissed the assessee's appeal on all grounds. The tribunal upheld the validity of reassessment proceedings under sections 147/148, finding no evidence supporting the challenge to reopening. For STCG computation on factory building sale, the tribunal confirmed that market value should be adopted as on the conveyance deed date (December 2011) when registration occurred, not the business transfer agreement date (October 2011). The tribunal also upheld disallowance of Rs. 7 crore short-term capital loss on share transactions, as the assessee failed to provide valuation reports, bank statements, or documentary evidence justifying the purchase at Rs. 45 per share and immediate resale at Rs. 10 per share to the same entities. en-us Wed, 21 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:27:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757845 ITAT Chennai dismissed the assessee's appeal on all grounds. The tribunal upheld the validity of reassessment proceedings under sections 147/148, finding no evidence supporting the challenge to reopening. For STCG computation on factory building sale, the tribunal confirmed that market value should be adopted as on the conveyance deed date (December 2011) when registration occurred, not the business transfer agreement date (October 2011). The tribunal also upheld disallowance of Rs. 7 crore short-term capital loss on share transactions, as the assessee failed to provide valuation reports, bank statements, or documentary evidence justifying the purchase at Rs. 45 per share and immediate resale at Rs. 10 per share to the same entities. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757845