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2 results for “reassessment”+ Section 50C(1)clear

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Key Topics

Section 50C2Long Term Capital Gains2Addition to Income2

LALIT KUMAR JALAN,JALAN PHARMACEUTICALS vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee is allowed with the directions

ITA 335/CTK/2024[2018-19]Status: HeardITAT Cuttack17 Oct 2024AY 2018-19
Section 142(1)Section 50C

1). (7) The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the assessee an opportunity of being heard, take into account such report in making the assessment or reassessment. Explanation.—In this section, "Valuation Officer" has the same meaning as in clause (r) of section 2 of the Wealth

SRI NIHAR RANJAN BEHERA,BHUBANESWAR vs. ITO, WARD-2(2), BHUBANESWAR

In the result, appeal of the assessee is partly allowed

ITA 351/CTK/2017[2009-10]Status: DisposedITAT Cuttack17 May 2018AY 2009-10

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2009-2010

For Appellant: Shri S.K.Jena, ARFor Respondent: Shri D.K.Pradhan, DR
Section 147Section 50C(1)

1, Bhubaneswar dated 27.6.2017 for the assessment year 2009- 2010. 2. Ground No.1 of appeal reads as under” “ For that the impugned order of assessment passed by the Ld. A.O u/s.147 of the Act, to reopen the assessment, is legally impermissible particularly there were no tangible materials available on record in order to reopen the assessment, as such the appellant