Validity of reopening of assessment u/s 147 - sale of immovable ...

Section 147 Assessment Reopened: Immovable Property Value Jumps from Rs. 4 Lakhs to Rs. 38.5 Lakhs in One Year.

March 23, 2020

Case Laws Income Tax AT

Validity of reopening of assessment u/s 147 - sale of immovable property - In the absence of any development during this intervening period of one year from the date of purchase and till the date of sale, the appreciation of value from ₹ 4.00 lacs to ₹ 38.50 lacs indicates the involvement of the parties in mischievous acts of showing the minimum amount of purchase consideration by the assessee in comparison to the sale consideration shown in the sale agreement. - AT

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Validity of reopening of assessment u/s 147 - sale of immovable ...

Section 147 Assessment Reopened: Immovable Property Value Jumps from Rs. 4 Lakhs to Rs. 38.5 Lakhs in One Year.

March 23, 2020

Case Laws Income Tax AT

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