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2016 (6) TMI 981 - GUJARAT HIGH COURTReopening of assessment - higher stamp valuation - assessment in the hands of legal heir of deceased assessee - Held that:- We do not find that the Assessing Officer lacked jurisdiction to reopen the assessment. It appears that the assessee had declared the sale consideration of the land in question as ₹ 87.71 lacs where as had accepted the stamp valuation which would come to ₹ 2.12 crores considering the stamp duty of ₹ 11.92 lacs affixed on the sale deed. It was in this background, the Assessing Officer invoked section 50C of the Act treating the difference as deemed long term capital gain. When these facts were not on record, when the sale deed was not on record during the original assessment, this certainly is a case where the assessee failed to disclose truly and fully material facts necessary for assessment. - Decided against assessee.
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