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        Case ID :
        Income Tax

        ITAT held the second reassessment u/s 147, initiated by notice...

        Second reassessment u/s 147 held invalid as change of opinion; LTCG exemption u/s 10(38) allowed, 69A addition fails

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT held the second reassessment u/s 147, initiated by notice u/s 148 dated 20/03/2020 on the same material and issues already examined and accepted in the earlier reassessment order u/s 143(3) r.w.s. 147 dated 28/11/2019, to be invalid as a mere change of opinion, following the SC ruling in Kelvinator. No new tangible material or independent enquiry was found. Consequently, the reassessment proceedings and additions treating LTCG as bogus and taxing it as unexplained money u/s 69A r.w.s. 115BBE were quashed. On merits also, in light of SEBI's final report exonerating the scrip, exemption u/s 10(38) was upheld and Revenue's case failed.
                                Note: It is a system-generated summary and is for quick reference only.
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