SEC 148 INCOME TAX, Income Tax

[puneet virmani]

3 BROTHERS SOLD PROPERTY AS 1/3RD YEAR EACH, ALL INVESTED IN SEPARATE PROPERTY AND TAKEN BENEFIT U/S 54..ONE BROTHER WAS ASSESSED U/S 143(3) WHEREIN DEMAND WAS CREATED ON BASIS OF DIFFERENCE IN VALUATION OF PROPERTY RATES I.E CIRCLE RATES. REST TWO BROTHERS RECEIVED NOTICE FROM I.T.O FOR REASSESSMENT U/S 147...... QUERY IS WEATHER ITO ON BASIS OF ADDITION IN INCOME OF ONE BROTHER CAN ITO GIVE NOTICE N REASSESS OTHER TWO BROTHERS, IT THIS ADDITION A SUBSTANTIAL EVIDENCE TO REASSESS.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether the addition in respect of first brother is confirmed? If so whether he went for in appeal?

If it is confirmed for the first brother, on the basis of the same, assessment can be reopened. However you may contest the notice on reassessment.