https://www.taxtmi.com/caselaws?id=122410 The Tribunal annulled the reassessment proceedings for the assessment year 2000-01, ruling them invalid as the income was already assessed substantively in 2001-02. It determined that the date of transfer for capital gains should be upon delivery and payment, not the broker's contract note, confirming the gains as long-term for 2001-02. Additionally, the Tribunal deleted the disallowances under Section 14A, agreeing with the assessees that reopening for such disallowances was barred for years before 1-4-2001. The appeals were allowed in favor of the assessees. en-us Wed, 31 Mar 2010 00:00:00 +0530 Mon, 29 Jan 2024 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122410 The Tribunal annulled the reassessment proceedings for the assessment year 2000-01, ruling them invalid as the income was already assessed substantively in 2001-02. It determined that the date of transfer for capital gains should be upon delivery and payment, not the broker's contract note, confirming the gains as long-term for 2001-02. Additionally, the Tribunal deleted the disallowances under Section 14A, agreeing with the assessees that reopening for such disallowances was barred for years before 1-4-2001. The appeals were allowed in favor of the assessees. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122410