The HC quashed reassessment proceedings initiated under Section...

The HC quashed reassessment proceedings initiated under Section 148A(b) regarding alleged LTCG on agricultural land sale. The petitioner contended the agricultural land was situated beyond 8 km aerial distance from the nearest municipality in a village with population below 10,000, thus excluded from 'capital asset' definition under Section 2(14)(iii). The Court held the AO failed to independently verify available information before forming opinion on income escapement and incorrectly stated the original assessment was completed under Section 143(1) when it was actually under Section 143(3). The reassessment constituted mere change of opinion without statutory jurisdiction. The notice under Section 148A(b) and consequential proceedings were quashed, and the writ petition was allowed in favor of the assessee.