https://www.taxtmi.com/caselaws?id=767447 For reassessment based on escaped income, the statutory threshold under the Income-tax Act must be tested on the net amount after deducting the cost of acquisition, and the gross figure in a registered conveyance cannot by itself justify reopening. Applying that principle, the Revenue could not treat the full sale consideration as escaped income crossing the statutory ceiling, so the notices under sections 148A(d) and 148 were unsustainable. The challenge to the order setting them aside failed, and the relief granted to the assessee was sustained. en-us Mon, 10 Feb 2025 00:00:00 +0530 Mon, 17 Mar 2025 18:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767447 For reassessment based on escaped income, the statutory threshold under the Income-tax Act must be tested on the net amount after deducting the cost of acquisition, and the gross figure in a registered conveyance cannot by itself justify reopening. Applying that principle, the Revenue could not treat the full sale consideration as escaped income crossing the statutory ceiling, so the notices under sections 148A(d) and 148 were unsustainable. The challenge to the order setting them aside failed, and the relief granted to the assessee was sustained. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767447