Reassessment to seek explanation on source of payment for purchase of house justified as assessee had negligible income

INCOME TAX : Where asseesee claimed and allowed exemption under section 54 and a reopening notice was issued against him on ground that payment for purchase of a new house property by assessee was made prior to sale of his existing house property and source for payment for purchase of new house property was not explained, thus, such unexplained investment made in new house property for claiming exemption under section 54 was to be taxed under section 69,INCOME TAX : Where asseesee claimed and allowed exemption under section 54 and a reopening notice was issued against him on ground that payment for purchase of a new house property by assessee was made prior to sale of his existing house property and source for payment for purchase of new house property was not explained, thus, such unexplained investment made in new house property for claiming exemption under section 54 was to be taxed under section 69,www.taxmann.com Latest Case LawsRead More

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