https://www.taxtmi.com/caselaws?id=347068 The Tribunal upheld the decision of the CIT(A) that the reopening of assessment under Section 148 was invalid due to lack of new material and being a change of opinion. It determined that the capital gains should be taxed in A.Y. 2007-08, not A.Y. 2009-10, based on the development agreement date. The disallowance of the discount claimed by the assessee was not adjudicated due to the invalid reopening and capital gains issue. The Tribunal dismissed both the Revenue's appeal and the assessee's cross-objection. en-us Mon, 31 Jul 2017 00:00:00 +0530 Mon, 28 Aug 2017 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347068 The Tribunal upheld the decision of the CIT(A) that the reopening of assessment under Section 148 was invalid due to lack of new material and being a change of opinion. It determined that the capital gains should be taxed in A.Y. 2007-08, not A.Y. 2009-10, based on the development agreement date. The disallowance of the discount claimed by the assessee was not adjudicated due to the invalid reopening and capital gains issue. The Tribunal dismissed both the Revenue's appeal and the assessee's cross-objection. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347068