https://www.taxtmi.com/caselaws?id=395086 The Tribunal upheld the reopening of the assessment under section 147 of the Income-tax Act, 1961. However, it directed the deletion of additions made as short term capital gains and unexplained deposits. The Tribunal found that the property in question was inherited, and the relinquishment of shares qualified as a gift, resulting in long term capital gains. The addition of unexplained deposits was also deleted due to supporting affidavits and a family settlement deed. The appeal was allowed, and the order was pronounced on 28/04/2020. en-us Tue, 28 Apr 2020 00:00:00 +0530 Thu, 11 Jun 2020 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395086 The Tribunal upheld the reopening of the assessment under section 147 of the Income-tax Act, 1961. However, it directed the deletion of additions made as short term capital gains and unexplained deposits. The Tribunal found that the property in question was inherited, and the relinquishment of shares qualified as a gift, resulting in long term capital gains. The addition of unexplained deposits was also deleted due to supporting affidavits and a family settlement deed. The appeal was allowed, and the order was pronounced on 28/04/2020. Case-Laws Income Tax Tue, 28 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395086