https://www.taxtmi.com/caselaws?id=762393 The HC set aside the reopening of assessment based on alleged property undervaluation. The revenue authorities attempted to reopen assessment citing difference between stamp duty value (Rs. 12,000 per sq. ft.) and purported guideline value (Rs. 16,000 per sq. ft.). The court held that Rs. 16,000 per sq. ft. was for commercial property, not residential property in question. The jurisdictional registering officer under Indian Stamps Act, 1899 had already determined proper valuation at Rs. 12,000 per sq. ft. during registration. The court ruled reopening was merely change of opinion without new material, which is impermissible under Section 148, citing SC precedent in Kelvinator case. en-us Tue, 15 Oct 2024 00:00:00 +0530 Fri, 29 Nov 2024 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762393 The HC set aside the reopening of assessment based on alleged property undervaluation. The revenue authorities attempted to reopen assessment citing difference between stamp duty value (Rs. 12,000 per sq. ft.) and purported guideline value (Rs. 16,000 per sq. ft.). The court held that Rs. 16,000 per sq. ft. was for commercial property, not residential property in question. The jurisdictional registering officer under Indian Stamps Act, 1899 had already determined proper valuation at Rs. 12,000 per sq. ft. during registration. The court ruled reopening was merely change of opinion without new material, which is impermissible under Section 148, citing SC precedent in Kelvinator case. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762393