https://www.taxtmi.com/caselaws?id=798745 Reassessment for escaped capital gains was sustained because the taxpayer had not filed a return despite taxable income, did not dispute the property sale or resulting gains, and produced no material showing that the reopening information was incorrect or mechanically acted upon. Capital-gains exemption for investment in two flats was disallowed because construction agreements did not substantiate instalment dates or payments, sale deeds did not record the asserted prior payments, and completion of the unfinished flats within the prescribed three-year period was not established. Qualifying construction-based exemption requires reliable proof of investment and timely completion. en-us Tue, 08 Sep 2026 00:00:00 +0530 Fri, 11 Sep 2026 08:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798745 Reassessment for escaped capital gains was sustained because the taxpayer had not filed a return despite taxable income, did not dispute the property sale or resulting gains, and produced no material showing that the reopening information was incorrect or mechanically acted upon. Capital-gains exemption for investment in two flats was disallowed because construction agreements did not substantiate instalment dates or payments, sale deeds did not record the asserted prior payments, and completion of the unfinished flats within the prescribed three-year period was not established. Qualifying construction-based exemption requires reliable proof of investment and timely completion. Case-Laws Income Tax Tue, 08 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798745