https://www.taxtmi.com/caselaws?id=775852 The ITAT Ahmedabad held that the reopening of assessment under section 147 was valid as the notice was issued within the limitation period. However, regarding the addition under section 50C, the Tribunal accepted the sale value declared in the registered sale deed based on the agreement date, supported by the banakhat. Following precedent, the Tribunal ruled that the sale consideration as on the agreement date is relevant for section 50C valuation. Consequently, the addition under section 50C was disallowed and the assessee's appeal was allowed. en-us Tue, 15 Jul 2025 00:00:00 +0530 Fri, 01 Aug 2025 08:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775852 The ITAT Ahmedabad held that the reopening of assessment under section 147 was valid as the notice was issued within the limitation period. However, regarding the addition under section 50C, the Tribunal accepted the sale value declared in the registered sale deed based on the agreement date, supported by the banakhat. Following precedent, the Tribunal ruled that the sale consideration as on the agreement date is relevant for section 50C valuation. Consequently, the addition under section 50C was disallowed and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775852