https://www.taxtmi.com/caselaws?id=470019 Reassessment procedure requires the Assessing Officer to consider objections to reopening under section 148 through a separate, speaking order before completing reassessment; merely issuing a notice under section 142(1) does not satisfy that requirement. The notes state that failure to decide the objections invalidates the reassessment and does not warrant a further opportunity to cure the defect. They also explain that section 50C determines deemed sale consideration for stamp-duty purposes but does not exclude genuine expenditure incurred as a condition of completing the transfer. Where the seller was contractually liable for conversion and related charges, and the purchaser paid and adjusted those charges against consideration, the amount may be treated as deductible transfer expenditure. en-us Wed, 12 Mar 2025 00:00:00 +0530 Mon, 13 Jul 2026 18:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470019 Reassessment procedure requires the Assessing Officer to consider objections to reopening under section 148 through a separate, speaking order before completing reassessment; merely issuing a notice under section 142(1) does not satisfy that requirement. The notes state that failure to decide the objections invalidates the reassessment and does not warrant a further opportunity to cure the defect. They also explain that section 50C determines deemed sale consideration for stamp-duty purposes but does not exclude genuine expenditure incurred as a condition of completing the transfer. Where the seller was contractually liable for conversion and related charges, and the purchaser paid and adjusted those charges against consideration, the amount may be treated as deductible transfer expenditure. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470019