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The Appellate Tribunal considered the validity of reassessment proceedings u/s 147 regarding unexplained investment u/s 69 and whether it is taxable in the current assessment year. Referring to a judgment, it was held that capital gains are taxable in the previous assessment year when the relevant transaction occurred. As the impugned capital gain was not taxable in the current assessment year, the reasons for reassessment were deemed unsustainable. The reassessment proceedings were quashed in favor of the assessee based on the precedent set by the judgment cited. Consequently, the assessee's appeal was allowed.
The Appellate Tribunal considered the validity of reassessment proceedings u/s 147 regarding unexplained investment u/s 69 and whether it is taxable in the current assessment year. Referring to a judgment, it was held that capital gains are taxable in the previous assessment year when the relevant transaction occurred. As the impugned capital gain was not taxable in the current assessment year, the reasons for reassessment were deemed unsustainable. The reassessment proceedings were quashed in favor of the assessee based on the precedent set by the judgment cited. Consequently, the assessee's appeal was allowed.
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