https://www.taxtmi.com/caselaws?id=776719 Reassessment under s.147 was upheld: because the assessee did not file an original return, the AO legitimately relied on information from another ITO as new tangible material to form reasons to reopen, so the reopening was valid and Ground 1 dismissed. Capital gains from sale of the immovable property are taxable in the year when title documents were received and the sale agreement executed (2010-11). The purchase agreement dated 19.08.1995 establishing cost at Rs.12 lakh is accepted; AO must compute tax on the capital gains for the year under consideration in accordance with the applicable Tribunal guidance, and Grounds 3 and 4 are allowed. en-us Fri, 08 Aug 2025 00:00:00 +0530 Mon, 18 Aug 2025 08:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776719 Reassessment under s.147 was upheld: because the assessee did not file an original return, the AO legitimately relied on information from another ITO as new tangible material to form reasons to reopen, so the reopening was valid and Ground 1 dismissed. Capital gains from sale of the immovable property are taxable in the year when title documents were received and the sale agreement executed (2010-11). The purchase agreement dated 19.08.1995 establishing cost at Rs.12 lakh is accepted; AO must compute tax on the capital gains for the year under consideration in accordance with the applicable Tribunal guidance, and Grounds 3 and 4 are allowed. Case-Laws Income Tax Fri, 08 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776719