https://www.taxtmi.com/caselaws?id=401458 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal. It deemed the reopening of assessment under Section 147/148 invalid due to a mere change of opinion. The capital gain was classified as long-term, not short-term, as no depreciation was claimed on the property. The disallowance of depreciation was overturned as the property was not part of depreciable assets. The revised return excluding canceled capital gain was accepted under Section 154 for rectification. The amount retained after sale cancellation was deemed non-taxable mesne profit. en-us Fri, 27 Nov 2020 00:00:00 +0530 Tue, 08 Dec 2020 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401458 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal. It deemed the reopening of assessment under Section 147/148 invalid due to a mere change of opinion. The capital gain was classified as long-term, not short-term, as no depreciation was claimed on the property. The disallowance of depreciation was overturned as the property was not part of depreciable assets. The revised return excluding canceled capital gain was accepted under Section 154 for rectification. The amount retained after sale cancellation was deemed non-taxable mesne profit. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401458