https://www.taxtmi.com/caselaws?id=404776 The Tribunal allowed the assessee's appeal, primarily due to the invalid reassessment proceedings under Section 147/148 of the Income Tax Act. The reassessment was deemed based on suspicion rather than tangible material, leading to its vitiating. Consequently, the addition of Short Term Capital Gains and charging of interest under Sections 234A, 234B, and 234C were dismissed as academic following the quashing of the reassessment proceedings. The order was pronounced on 05/01/2021. en-us Tue, 05 Jan 2021 00:00:00 +0530 Thu, 04 Mar 2021 08:26:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404776 The Tribunal allowed the assessee's appeal, primarily due to the invalid reassessment proceedings under Section 147/148 of the Income Tax Act. The reassessment was deemed based on suspicion rather than tangible material, leading to its vitiating. Consequently, the addition of Short Term Capital Gains and charging of interest under Sections 234A, 234B, and 234C were dismissed as academic following the quashing of the reassessment proceedings. The order was pronounced on 05/01/2021. Case-Laws Income Tax Tue, 05 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404776