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TMI Blog2025 (3) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... y of reopening of assessment as contradicted u/s 149 - revenue vehemently argues that the impugned order being contrary to the scheme of Section 149, once an amount of Rs. 50.00 lakh is ascertained as escaped income for assessment, the interference of the Writ Court was uncalled for - assessee, per contra, submits that merely because the concerned conveyance mentions Rs. 55.00 lakh, that itself ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue before the Apex Court of the Country 2024 (9) TMI 1138 - SC ORDER] has been repelled. Appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... . Learned Counsel for the assessee, per contra, submits that merely because the concerned conveyance mentions Rs. 55.00 lakh, that itself cannot be taken as the income escaping assessment inasmuch as the cost of acquisition to be deducted from it and if that is done, it would fall below the ceiling limit of Rs. 50.00 lakh. This aspect of the matter, learned Counsel for the assessee submits, was co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uantum of escaped income in matters like this, the amount mentioned in the registered conveyance cannot be straight away taken without deducting the cost of acquisition therefrom. This apart, as rightly submitted by the learned counsel for the assessee, the Jabalpur Bench of Madhya Pradesh High Court, in the case supra, followed the impugned order of the learned Single Judge of this Court and late ..... X X X X Extracts X X X X X X X X Extracts X X X X
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