The Assessing Officer issued reassessment notice on the ground that the\u00a0 assessee had not disclosed full and true value of consideration of subject parcels of land sold as it was less than prescribed circle rates. On writ the Court held that\u00a0 capital gains were calculated by assessee by taking circle rate into account hence the\u00a0 provisions of section 50C were not applicable, as computation of capital gains was based on circle rate. Further, real difference in LTCG computed by Assessing Officer and assessee pertained to difference in cost of acquisition. There was no reason between material and revenue’s belief on income escapement. Reassessment notice and order disposing the objection is quashed.(AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Capital gains-Full value of consideration-Stamp valuation-Capital gains were calculated by assessee by taking circle-rate-Provisions of section 50C is not applicable-No reason between material and revenue’s belief on income escapement-Reassessment notice and order disposing the objection is quashed. [S. 45, 50C,54EC 148, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39439","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ag7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39439"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39439\/revisions"}],"predecessor-version":[{"id":52984,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39439\/revisions\/52984"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}