https://www.taxtmi.com/caselaws?id=248307 The tribunal allowed the appeal, quashing the reassessment under Section 147 of the Income Tax Act. The reopening was deemed illegal due to failure to disclose all material facts, rendering the notice issued under Section 148 time-barred. Consequently, other issues like the application of Section 50C for computing capital gains and the validity of indexed cost of acquisition were not addressed. The tribunal did not delve into the disallowance of gratuity payments, focusing solely on the illegality of the reassessment process. en-us Tue, 20 May 2014 00:00:00 +0530 Mon, 09 Jun 2014 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248307 The tribunal allowed the appeal, quashing the reassessment under Section 147 of the Income Tax Act. The reopening was deemed illegal due to failure to disclose all material facts, rendering the notice issued under Section 148 time-barred. Consequently, other issues like the application of Section 50C for computing capital gains and the validity of indexed cost of acquisition were not addressed. The tribunal did not delve into the disallowance of gratuity payments, focusing solely on the illegality of the reassessment process. Case-Laws Income Tax Tue, 20 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248307