The HC quashed the reassessment notice issued under section 148, ...

Agricultural Land Sale Proceeds: Section 148 Reassessment Notice Quashed as Mere Change of Opinion on Section 54B Deduction

March 15, 2025

Case Laws Income Tax HC

The HC quashed the reassessment notice issued under section 148, finding it impermissible as a mere change of opinion rather than based on new information. The authorities sought to reopen assessment regarding the taxpayer's section 54B deduction claim, despite having previously considered this issue during the original section 143(3) assessment. The court held that reopening requires "reasons to believe" with direct nexus to new tangible material, not merely alleging inadequate inquiry by the previous Assessing Officer. Since the taxpayer had fully disclosed all relevant documents during the original assessment, the reopening was invalid in law. Judgment favored the assessee.

View Source

← Previous Next →

The HC quashed the reassessment notice issued under section 148, ...

Agricultural Land Sale Proceeds: Section 148 Reassessment Notice Quashed as Mere Change of Opinion on Section 54B Deduction

March 15, 2025

Case Laws Income Tax HC

You may also like:

At the relevant point of sale of the land in question, the surrounding area was totally undeveloped and except mere future possibility to put the land into use for...

Capital gain - Nature of land - Sale of agricultural land – There is no requirement in any Act more especially the I.T. Act that only the self-cultivated land will be...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

Levy of capital gains tax on sale of agricultural land - just because, the assessee has not been able to generate desired agricultural income from the said lands would...

Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

Deduction u/s. 54B - agricultural land which is purchased prior to the sale of agricultural land - the assessee is not entitled to claim deduction u/s. 54B of the Act...

Nature of land sold - capital asset u/s 2(14) or agricultural land - If the previous owner did not carry out agricultural activity on an agricultural land, however did...

Validity of reopening an assessment u/s 147 of the Income Tax Act, the distinction between "change of opinion" and "reasons to believe," and the classification of income...

Nature of agricultural land sold - In the activities permitted on conversion of the land into farm house is restricted to the environmental friendly residence....

Gains arising on sale of Agricultural land – Assessee might not have paid agricultural income-tax but is paying land revenue and village records clearly showed the land...

Nature of land sold after plotting - Agriculture land or not - Merely for the reason that no agricultural operations was carried out during the period and subsequent use...

MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

Sale of land - Assessing Officer in bringing to tax the short term capital gains arising from the sale of agricultural land under the head ‘business income’ - land in...

The High Court quashed the reassessment proceedings initiated by the Assessing Officer u/s 148 of the Income Tax Act, holding it to be a case of "change of opinion" and...

Nature of land sold - sale of agricultural land or not - it is nowhere necessary for an assessee to prove carrying out actual agricultural activity of the land

Quick Updates: