Income tax on property sale: Gujarat HC quashes reassessment notice over ₹92 lakh land sale; here's why
· livemint.com
The Gujarat High Court has held that the Income Tax Department cannot retrospectively apply the expanded powers under Section 55A to reopen old property valuation disputes. The ruling offers clarity for taxpayers involved in legacy capital gains cases.
The Gujarat High Court has quashed a reassessment notice issued by the Income Tax Department in a long-running capital gains dispute, ruling that the wider powe...