https://www.taxtmi.com/caselaws?id=235459 The High Court of Gujarat ruled in favor of a partnership firm in a case challenging the reopening of assessment for the assessment year 2004-05 under section 148 of the Income-tax Act, 1961. The court held that the subsidy received by the petitioner, distributed among partners, was a capital receipt and not taxable during the relevant assessment year. It was found that the Assessing Officer's belief that income had escaped assessment lacked validity as the taxable event did not occur in that year. The court quashed the notice for reopening the assessment, concluding that the subsidy was not exigible to tax in the year under consideration. en-us Mon, 08 Oct 2012 00:00:00 +0530 Wed, 24 Jul 2013 08:56:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235459 The High Court of Gujarat ruled in favor of a partnership firm in a case challenging the reopening of assessment for the assessment year 2004-05 under section 148 of the Income-tax Act, 1961. The court held that the subsidy received by the petitioner, distributed among partners, was a capital receipt and not taxable during the relevant assessment year. It was found that the Assessing Officer's belief that income had escaped assessment lacked validity as the taxable event did not occur in that year. The court quashed the notice for reopening the assessment, concluding that the subsidy was not exigible to tax in the year under consideration. Case-Laws Income Tax Mon, 08 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235459