https://www.taxtmi.com/caselaws?id=260315 The High Court held that reassessing short term capital gain as business income after accepting it as capital gain in the original assessment was impermissible under section 147 of the Income Tax Act. The reassessment was deemed invalid, and the appeal was allowed, setting aside the reassessment. The judgment emphasized the significance of procedural correctness in tax assessments and reaffirmed that once an income issue is settled in the original assessment, reassessment on different grounds is not permissible. en-us Mon, 23 Mar 2015 00:00:00 +0530 Tue, 09 Jun 2015 07:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260315 The High Court held that reassessing short term capital gain as business income after accepting it as capital gain in the original assessment was impermissible under section 147 of the Income Tax Act. The reassessment was deemed invalid, and the appeal was allowed, setting aside the reassessment. The judgment emphasized the significance of procedural correctness in tax assessments and reaffirmed that once an income issue is settled in the original assessment, reassessment on different grounds is not permissible. Case-Laws Income Tax Mon, 23 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260315