https://www.taxtmi.com/caselaws?id=472636 Reassessment under sections 147 and 148 was sustained because the registered sale deed was the material available when belief of escaped income was formed; an earlier transfer asserted through an agreement to sell and power of attorney required investigation and did not negate reopening. Capital-gains relief under section 54B was available where new agricultural land was purchased from earnest money or advance sale consideration before registration of the transferred land. The qualifying reinvestment had to be allowed in computing capital gains, while the reassessment remained valid. en-us Tue, 12 Dec 2023 00:00:00 +0530 Mon, 19 Oct 2026 18:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472636 Reassessment under sections 147 and 148 was sustained because the registered sale deed was the material available when belief of escaped income was formed; an earlier transfer asserted through an agreement to sell and power of attorney required investigation and did not negate reopening. Capital-gains relief under section 54B was available where new agricultural land was purchased from earnest money or advance sale consideration before registration of the transferred land. The qualifying reinvestment had to be allowed in computing capital gains, while the reassessment remained valid. Case-Laws Income Tax Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472636