https://www.taxtmi.com/caselaws?id=360020 The ITAT allowed the appeal, holding that the notice issued under section 148 was invalid and beyond the statutory time limit, rendering the reassessment proceedings null and void. The appellate authorities confirmed that no capital gains tax liability arose during the relevant year, leading to the quashing of the re-assessment proceedings. The decision emphasized the strict construction of fiscal statutes and the necessity of a specific finding to extend the limitation period under section 149, ultimately ruling in favor of the assessee and invalidating the proceedings under section 147/148. en-us Thu, 03 May 2018 00:00:00 +0530 Tue, 08 May 2018 08:05:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360020 The ITAT allowed the appeal, holding that the notice issued under section 148 was invalid and beyond the statutory time limit, rendering the reassessment proceedings null and void. The appellate authorities confirmed that no capital gains tax liability arose during the relevant year, leading to the quashing of the re-assessment proceedings. The decision emphasized the strict construction of fiscal statutes and the necessity of a specific finding to extend the limitation period under section 149, ultimately ruling in favor of the assessee and invalidating the proceedings under section 147/148. Case-Laws Income Tax Thu, 03 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360020