https://www.taxtmi.com/caselaws?id=214597 The tribunal found the proceedings initiated under Section 148 void ab initio due to the failure to record reasons before issuing the notice, as mandated by Section 148(2). Consequently, the assessment order and penalty imposed under Section 271(1)(c) were cancelled, and the appeals filed by the appellant were allowed. The tribunal also invalidated the taxation of long-term capital gains and denied deductions under Section 54 due to the invalidity of the reopening proceedings. en-us Fri, 11 May 2012 00:00:00 +0530 Sat, 30 Jun 2012 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214597 The tribunal found the proceedings initiated under Section 148 void ab initio due to the failure to record reasons before issuing the notice, as mandated by Section 148(2). Consequently, the assessment order and penalty imposed under Section 271(1)(c) were cancelled, and the appeals filed by the appellant were allowed. The tribunal also invalidated the taxation of long-term capital gains and denied deductions under Section 54 due to the invalidity of the reopening proceedings. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214597