https://www.taxtmi.com/caselaws?id=331181 The court held that the conversion of shares from stock-in-trade to investment did not trigger a taxable event. Therefore, the notice for reopening the assessment beyond the permissible four-year period was unjustified. The court quashed the notice, emphasizing the significance of taxpayers disclosing material facts and restricting tax authorities from reopening assessments without substantial new information within the statutory timeframe. en-us Wed, 10 Aug 2016 00:00:00 +0530 Tue, 16 Aug 2016 11:19:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331181 The court held that the conversion of shares from stock-in-trade to investment did not trigger a taxable event. Therefore, the notice for reopening the assessment beyond the permissible four-year period was unjustified. The court quashed the notice, emphasizing the significance of taxpayers disclosing material facts and restricting tax authorities from reopening assessments without substantial new information within the statutory timeframe. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331181