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TMI Blog2019 (12) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... nd to be valued at the jantri rate, but as per the valuation made by the Stamp Valuation Authority - HELD THAT:- Having regard to the submissions advanced by the learned advocate for the petitioner, issue Notice, returnable on 27.01.2020. By way of ad-interim relief, further proceedings pursuant to the impugned notice dated 31.03.2019 issued under section 148 of the Act for assessment year 2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act, 1961 (hereinafter referred to as the Act ) to point out that in terms of the said provision, where the consideration received or accruing as a result of transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of the State Government (referred to as the Stamp Valuation Authority ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act does not require the land to be valued at the jantri rate, but as per the valuation made by the Stamp Valuation Authority. 5. Next, it was submitted that the reason for reopening is based upon audit objections, which the Assessing Officer has not accepted. It was submitted that under the circumstances, the formation of belief that income chargeable to tax has escaped assessment is w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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