https://www.taxtmi.com/caselaws?id=399066 The court set aside the notice issued under section 148 of the Income Tax Act, 1961, and the order rejecting objections to the assessment reopening. The court ruled that the reopening was not based on new material facts but on a change of opinion, which lacked jurisdiction. The transfer of shares as a gift was found valid and exempt from capital gains tax under section 47(iii). The writ petition was allowed without costs. en-us Mon, 28 Sep 2020 00:00:00 +0530 Tue, 17 Nov 2020 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399066 The court set aside the notice issued under section 148 of the Income Tax Act, 1961, and the order rejecting objections to the assessment reopening. The court ruled that the reopening was not based on new material facts but on a change of opinion, which lacked jurisdiction. The transfer of shares as a gift was found valid and exempt from capital gains tax under section 47(iii). The writ petition was allowed without costs. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399066