https://www.taxtmi.com/caselaws?id=360879 The High Court ruled in favor of the petitioner, quashing the notice for reopening the assessment. The court found that the Assessing Officer's attempt to reopen the assessment beyond the statutory period, based on undisclosed capital gain from a property sale, was unwarranted. It was determined that the petitioner had fully disclosed all necessary information during the original scrutiny assessment, and the officer had not contested the capital gain computation or valuation report previously. The court concluded that there was no failure on the petitioner's part to disclose material facts fully and truly, leading to the allowance of the petition and the setting aside of the notice for reopening the assessment. en-us Wed, 09 May 2018 00:00:00 +0530 Thu, 24 May 2018 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360879 The High Court ruled in favor of the petitioner, quashing the notice for reopening the assessment. The court found that the Assessing Officer's attempt to reopen the assessment beyond the statutory period, based on undisclosed capital gain from a property sale, was unwarranted. It was determined that the petitioner had fully disclosed all necessary information during the original scrutiny assessment, and the officer had not contested the capital gain computation or valuation report previously. The court concluded that there was no failure on the petitioner's part to disclose material facts fully and truly, leading to the allowance of the petition and the setting aside of the notice for reopening the assessment. Case-Laws Income Tax Wed, 09 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360879