Gujarat HC Quashes Section 148 Reopening Due to Change of Opinion on Section 50C Valuation

Nikita Jenishkumar Patel Vs ITO (Gujarat High Court) The Gujarat High Court heard two petitions arising from reopening of assessment proceedings relating to the sale of immovable property situated at Revenue Survey No.4/A, Block No.10/A, Moje Abrama, Taluka Kamrej, Surat, sold on 06 February 2012 by six co-owners. The petitions challenged notices issued under Section 148 of the Income Tax Act for Assessment Year 2012-13. The petitioners and other co-owners had executed a sale deed for Rs.1,42,17,840/-, while the market value for stamp duty purposes was Rs.3,76,46,896/-, resulting in a differen...