https://www.taxtmi.com/caselaws?id=378679 The High Court of Bombay dismissed the Revenue's appeal, emphasizing the lack of jurisdiction in the reassessment proceedings initiated in 1998 for the Assessment Year 1994-95. The Court upheld the Tribunal's ruling that the reassessment was invalid due to being a mere change of opinion, lacking merit, and based on borrowed satisfaction from an audit objection. The Court stressed the importance of proper application of mind by the Assessing Officer during the original assessment and concluded that the determination of short or long term capital gain was overshadowed by the primary issue of reassessment validity. en-us Tue, 02 Apr 2019 00:00:00 +0530 Thu, 18 Apr 2019 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378679 The High Court of Bombay dismissed the Revenue's appeal, emphasizing the lack of jurisdiction in the reassessment proceedings initiated in 1998 for the Assessment Year 1994-95. The Court upheld the Tribunal's ruling that the reassessment was invalid due to being a mere change of opinion, lacking merit, and based on borrowed satisfaction from an audit objection. The Court stressed the importance of proper application of mind by the Assessing Officer during the original assessment and concluded that the determination of short or long term capital gain was overshadowed by the primary issue of reassessment validity. Case-Laws Income Tax Tue, 02 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378679