BHARAT SANCHAR NIGAM LTD. Vs. RAJEN RAJKHOWA

JUDGEMENT

(1.) By this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), the appellant - revenue has challenged the order dated 18th Nov., 2015 passed by the Income Tax Appellate Tribunal, Ahmedabad 'B' Bench (hereinafter referred to as "the Tribunal") in ITA No.1164/Ahd/2012 by proposing the following question, stated to be a substantial question of law:-

(2.) The assessment year is 2006-07 and the relevant accounting period is the previous year that ended on 31st March, 2006.

(3.) The respondent assessee sold his lands bearing Survey Nos.602, 686, 688 and 689 at Adajan, Surat city for a consideration of Rs.16,00,000.00. The Stamp Valuation Authority had assessed the stamp value of such property at Rs.2,33,70,600.00. The Assessing Officer, therefore, reopened the assessment by recording the following reasons:-