https://www.taxtmi.com/caselaws?id=249167 The Tribunal held that the reopening of assessment under Section 147 for AY 2007-08 was invalid as the property sold was a residential house, not agricultural land as assumed by the Assessing Officer. The AO's reasons for reopening were based on incorrect grounds, leading to the quashing of the assessment order. Consequently, the Tribunal allowed the appeal of the assessee, rendering other grounds raised against the reassessment additions moot. en-us Fri, 13 Jun 2014 00:00:00 +0530 Mon, 07 Jul 2014 13:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249167 The Tribunal held that the reopening of assessment under Section 147 for AY 2007-08 was invalid as the property sold was a residential house, not agricultural land as assumed by the Assessing Officer. The AO's reasons for reopening were based on incorrect grounds, leading to the quashing of the assessment order. Consequently, the Tribunal allowed the appeal of the assessee, rendering other grounds raised against the reassessment additions moot. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249167