Dismissing the petition the Court held that; since there was clear cut mention in reasons for reassessment that assessee had wrongly taken cost of land, being market value based on valuation report of valuer, impugned reassessment notice as well as order was justified. Further, it would not be open for assessee to contend that it had a choice either to make computation on basis of market value or on basis of cost of property to previous owner. Reassessment was held to be justified .( AY.2010-11)
J. B. Amin & Brothers (HUF) v. UOI (2018) 253 Taxman 229/ 172 DTR 62 (Bom.)(HC)
S. 147: Reassessment – Capital gains – Opening WDV of land was shown by assessee at lesser amount in its statement of fixed accounts but, while filling return of income, assessee had shown cost of land at much higher amount, reassessment was held to be justified.[ S.45 , 148 ]