Whether the scope of assessment U/s 153A could be broadened U/s 263 to include a re-calculation of LTCG pursuant to section 50C in cases where the original assessments remained unabated?
Here is an analytical decision of the Kolkata Tribunal in the case of Arati Ray, Mallika Ray and Samit Ray on the applicability of section 263 to an assessment completed under section 153A.
The key question before the Tribunal was whether the scope of assessment under section 153A could be broadened under section 263 to include a re-calculation of long-term capital gains by invoking the provision of section 50C, especially in cases where the original assessments remained unabated.
The copy of the order is as under:
