Adequacy of Reasons and Relevancy Forms Foundation for Reopening of Assessment: Gujarat HC allows Income Tax Exemption on Compulsorily Acquired Land [Read Order]

Adequacy of Reasons and Relevancy Forms Foundation for Reopening of Assessment - Gujarat HC allows Income Tax Exemption on Compulsorily Acquired Land - TAXSCAN

A Division Bench of the Gujarat High Court allowed income tax exemption on compulsorily acquired land and observed that adequacy of reasons and relevancy forms foundation for the reopening of assessment. The petitioner, Anilaben Rohithbhai Modi, is an individual and citizen of India and was holding a parcels of land with other co-owners. The said…

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