https://www.taxtmi.com/caselaws?id=266774 Reassessment under section 147 was invalid because the original scrutiny assessment had already considered the mutual fund transactions, and no fresh tangible material emerged after assessment; the attempt was therefore a mere change of opinion and lacked the required live link to escapement of income. The mutual fund units were treated as trading stock in line with earlier years, the loss arose on valuation of closing stock rather than redemption, and the amended section 94(7) could not apply to assessment year 2004-05. The loss was accordingly a business loss, not a capital loss, and disallowance under section 94(7) failed. en-us Wed, 16 Sep 2015 00:00:00 +0530 Fri, 23 Oct 2015 21:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266774 Reassessment under section 147 was invalid because the original scrutiny assessment had already considered the mutual fund transactions, and no fresh tangible material emerged after assessment; the attempt was therefore a mere change of opinion and lacked the required live link to escapement of income. The mutual fund units were treated as trading stock in line with earlier years, the loss arose on valuation of closing stock rather than redemption, and the amended section 94(7) could not apply to assessment year 2004-05. The loss was accordingly a business loss, not a capital loss, and disallowance under section 94(7) failed. Case-Laws Income Tax Wed, 16 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266774