https://www.taxtmi.com/caselaws?id=784922 Reassessment for escapement of income from property transfer was completed on a best-judgment basis after the assessee failed to respond to the section 142(1) notice or produce supporting material. The understatement in sale consideration was taxed under section 50C by reference to the fair market value reflected in departmental records, and the resulting long-term capital gains addition was sustained. Chapter VI-A deductions claimed against salary income were disallowed for want of evidence, and savings bank interest was added because it had not been offered to tax. The Assessing Officer's additions were upheld, and the assessee received no relief on the merits. en-us Fri, 28 Nov 2025 00:00:00 +0530 Wed, 14 Jan 2026 08:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784922 Reassessment for escapement of income from property transfer was completed on a best-judgment basis after the assessee failed to respond to the section 142(1) notice or produce supporting material. The understatement in sale consideration was taxed under section 50C by reference to the fair market value reflected in departmental records, and the resulting long-term capital gains addition was sustained. Chapter VI-A deductions claimed against salary income were disallowed for want of evidence, and savings bank interest was added because it had not been offered to tax. The Assessing Officer's additions were upheld, and the assessee received no relief on the merits. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784922