https://www.taxtmi.com/caselaws?id=208223 The Tribunal ruled in favor of the assessee, deeming the reopening of the assessment under Section 147 invalid as the AO should have utilized Section 155(7B) instead. Additionally, the withdrawal of exemption from capital gains under Section 47A was deemed unjustified, as the properties were never intended to be treated as stock-in-trade. The Tribunal set aside the lower authorities' decisions and allowed the assessee's appeal. en-us Fri, 08 Jan 2010 00:00:00 +0530 Thu, 06 Jun 2013 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208223 The Tribunal ruled in favor of the assessee, deeming the reopening of the assessment under Section 147 invalid as the AO should have utilized Section 155(7B) instead. Additionally, the withdrawal of exemption from capital gains under Section 47A was deemed unjustified, as the properties were never intended to be treated as stock-in-trade. The Tribunal set aside the lower authorities' decisions and allowed the assessee's appeal. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208223