https://www.taxtmi.com/caselaws?id=261852 The court upheld the reopening of assessments under Section 147 and the classification of income from the sale of shares as business income. It found that the Assessing Officer had ample material to support the findings and that consistency in assessments across different years is not obligatory if the circumstances warrant different treatment. The court emphasized the need for tangible material to justify reopening assessments and the importance of considering the totality of circumstances in classifying income. The appeals were dismissed based on these conclusions. en-us Fri, 03 Jul 2015 00:00:00 +0530 Sat, 07 Nov 2015 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261852 The court upheld the reopening of assessments under Section 147 and the classification of income from the sale of shares as business income. It found that the Assessing Officer had ample material to support the findings and that consistency in assessments across different years is not obligatory if the circumstances warrant different treatment. The court emphasized the need for tangible material to justify reopening assessments and the importance of considering the totality of circumstances in classifying income. The appeals were dismissed based on these conclusions. Case-Laws Income Tax Fri, 03 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261852