Validity of reassessment proceedings challenged - capital gain ...

Reassessment invalid: No fresh material for reopening. Disclosed facts in original assessment. Mere change of opinion untenable. Impugned notice unsustainable. Entitled to co-owner's benefit.

Case Laws Income Tax

July 9, 2024

Validity of reassessment proceedings challenged - capital gain on co-owned land sale - reassessment based on DVO report alleging suppression of lower valuation - reasons recorded did not mention forming reason to believe due to DVO report in co-owner's case - reliance on DVO report to justify reopening untenable as no fresh material part of recorded reasons - petitioner fully disclosed material facts during original assessment - change of opinion for reopening by impugned notice u/s 148 untenable - impugned notice unsustainable - assessee entitled to benefit enjoyed by co-owners whose valuation accepted - permitting impugned notice an exercise in futility - assessee appeal allowed.

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Validity of reassessment proceedings challenged - capital gain ...

Reassessment invalid: No fresh material for reopening. Disclosed facts in original assessment. Mere change of opinion untenable. Impugned notice unsustainable. Entitled to co-owner's benefit.

Case Laws Income Tax

July 9, 2024

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