Assessee purchased a property which was shown in the return of income at certain value. Registering Authority, however, demanded stamp duty on the guideline value of said property, which was much higher than the value disclosed by assessee. Assessing Officer made an addition considering the guideline value of the property. The assessee filed an appeal against the decision of the Stamp Authority to enhance the guideline value of property. In appeal, the stamp value of the property was further enhanced. Assessing Officer reopened assessment to assess the amount of difference between the enhanced guideline value and the original guideline value. On writ, the Court held that since reasons furnished for reopening indicated a differential amount omitted to be considered, it was clear that information was available either in the form of an order of the Stamps Authority or in form of an endorsement in sale deed, which would have been produced for inspection before re-assessment was completed and therefore, reopening of assessment beyond period of four years was not justified. Reassessment notice and order disposing of the objection were quashed. (AY. 2014-15)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years-Stamp value-Information regarding enhanced stamp value of property purchased by assessee, was before the Assessing Officer at the time of making assessment-Reopening of assessment to assess amount enhanced beyond was not justified.[S. 56, 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_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":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60127","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fDN","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60127","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=60127"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60127\/revisions"}],"predecessor-version":[{"id":60128,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60127\/revisions\/60128"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}