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The Tribunal held that the consideration stated in a registered sale deed is conclusive evidence for the sale of immovable property. Therefore, the AO was justified in adopting the sale consideration shown in the registered sale deed as the cost of acquisition. The Tribunal found no infirmity in the orders of the lower authorities.
The Tribunal held that the notice issued under Section 148 of the Income Tax Act, 1961, for AY 2015-16 was barred by limitation as it was issued beyond the prescribed period. Consequently, the reassessment proceedings and the consequent order were quashed.