https://www.taxtmi.com/caselaws?id=279296 The Tribunal dismissed the appeals of the Revenue and the cross-objections by the assessee, upholding the orders of the Commissioner of Income Tax (Appeals) for the Assessment Year 2006-07. The dispute centered on the valuation of property contributed to a partnership firm, leading to the assessment of capital gains under Section 45(3) and Section 50C of the Income Tax Act, 1961. The Tribunal ruled in favor of the assessee on the validity of reopening assessments beyond the prescribed period, emphasizing that assessments cannot be reopened based on a change of opinion or when the original order is under appeal. en-us Fri, 07 Sep 2018 00:00:00 +0530 Tue, 12 Mar 2019 07:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279296 The Tribunal dismissed the appeals of the Revenue and the cross-objections by the assessee, upholding the orders of the Commissioner of Income Tax (Appeals) for the Assessment Year 2006-07. The dispute centered on the valuation of property contributed to a partnership firm, leading to the assessment of capital gains under Section 45(3) and Section 50C of the Income Tax Act, 1961. The Tribunal ruled in favor of the assessee on the validity of reopening assessments beyond the prescribed period, emphasizing that assessments cannot be reopened based on a change of opinion or when the original order is under appeal. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279296