https://www.taxtmi.com/caselaws?id=784317 Reassessment under s.147 was upheld as valid since reasons were recorded, requisite approval obtained, statutory notices were duly served, and participation cured any plea of breach of natural justice; the challenge failed. On taxability of gains, the land was held to be a "capital asset" under s.2(14) because the assessee failed to prove it was rural agricultural land: the distance certificate was illegible, no cogent evidence was produced, and the AO correctly relied on the relevant notification showing location within prescribed municipal limits; capital gains were taxable. Deductions under ss.54F and 54B were partly disallowed on factual grounds (including non-compliance with time limits and joint purchase) and, absent additional evidence/Rule 46A, the disallowance was affirmed; appeal dismissed. en-us Tue, 30 Dec 2025 00:00:00 +0530 Fri, 02 Jan 2026 07:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784317 Reassessment under s.147 was upheld as valid since reasons were recorded, requisite approval obtained, statutory notices were duly served, and participation cured any plea of breach of natural justice; the challenge failed. On taxability of gains, the land was held to be a "capital asset" under s.2(14) because the assessee failed to prove it was rural agricultural land: the distance certificate was illegible, no cogent evidence was produced, and the AO correctly relied on the relevant notification showing location within prescribed municipal limits; capital gains were taxable. Deductions under ss.54F and 54B were partly disallowed on factual grounds (including non-compliance with time limits and joint purchase) and, absent additional evidence/Rule 46A, the disallowance was affirmed; appeal dismissed. Case-Laws Income Tax Tue, 30 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784317