Full Sale Consideration taken Without Indexed Cost Adjustment in Capital Gain Calculation: Karnataka HC sets aside Income Tax Reassessment Notice [Read Order]

Considering the AO issued notice without adjusting the indexed cost to determine the capital gain, the Karnataka HC set aside the notice
By Kavi Priya - On November 13, 2024 1:30 pm - 2 mins read
Income Tax - Income Tax Reassessment - Tax Reassessment - Income Tax Reassessment Notice - TAXSCAN

In a recent ruling, the Karnataka High Court quashed an income tax reassessment notice issued to the petitioner where the full sale consideration was considered in calculating capital gains without applying an indexed cost adjustment. Devanur Thimmasetty Srinivasa, the petitioner received a notice under Section 148A(b) of the Income Tax Act, 1961, concerning income for…

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