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2019 (12) TMI 922 - HC - Income TaxReopening of assessment - taking into consideration the jantri value of the land sold by the petitioner - as submitted that the reasons recorded for reopening the assessment are erroneous inasmuch as section 50C of the Act does not require the land to be valued at the jantri rate, but as per the valuation made by the Stamp Valuation Authority - HELD THAT:- Having regard to the submissions advanced by the learned advocate for the petitioner, issue Notice, returnable on 27.01.2020. By way of ad-interim relief, further proceedings pursuant to the impugned notice dated 31.03.2019 issued under section 148 of the Act for assessment year 2012-13 are hereby stayed.
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