https://www.taxtmi.com/caselaws?id=188737 The Tribunal allowed the assessee's appeal, holding that the capital gains were correctly offered in AY 2006-07. The re-opening of the assessment for AY 2007-08 was deemed unjustified, as the income had already been disclosed and assessed in the previous year. The initiation of penalty proceedings was considered premature and rejected. en-us Wed, 31 Jul 2013 00:00:00 +0530 Wed, 14 Dec 2016 16:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188737 The Tribunal allowed the assessee's appeal, holding that the capital gains were correctly offered in AY 2006-07. The re-opening of the assessment for AY 2007-08 was deemed unjustified, as the income had already been disclosed and assessed in the previous year. The initiation of penalty proceedings was considered premature and rejected. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188737