https://www.taxtmi.com/caselaws?id=766104 ITAT Ahmedabad upheld reopening of assessment u/s 147 regarding property purchase without adequate consideration. The assessee purchased immovable property triggering addition u/s 56(2)(vii)(b). Original assessment u/s 143(1) failed to examine the land purchase deed as it was unreported. The assessee claimed sale deed cancellation was in process but provided no evidence of actual cancellation or refund of stamp duty. Despite producing confirmation of no payment through co-purchaser, confirmation from seller was absent. ITAT found no change of opinion by AO and confirmed the addition on merit. Appeal dismissed. en-us Fri, 14 Feb 2025 00:00:00 +0530 Tue, 18 Feb 2025 08:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766104 ITAT Ahmedabad upheld reopening of assessment u/s 147 regarding property purchase without adequate consideration. The assessee purchased immovable property triggering addition u/s 56(2)(vii)(b). Original assessment u/s 143(1) failed to examine the land purchase deed as it was unreported. The assessee claimed sale deed cancellation was in process but provided no evidence of actual cancellation or refund of stamp duty. Despite producing confirmation of no payment through co-purchaser, confirmation from seller was absent. ITAT found no change of opinion by AO and confirmed the addition on merit. Appeal dismissed. Case-Laws Income Tax Fri, 14 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766104