https://www.taxtmi.com/caselaws?id=417521 The Tribunal partially allowed the appeal, ruling in favor of the assessee concerning the addition for Long Term Capital Gain. The challenge to the validity of the notice under section 148 and reassessment proceedings was dismissed, as the information from the Annual Information Report justified the notice issuance. The Tribunal found that the property transfer occurred in the financial year 2007-08, not in the assessment year 2009-10 as erroneously assessed by the AO. Consequently, the Tribunal set aside the CIT(A)'s decision in favor of the assessee. en-us Tue, 30 Nov 2021 00:00:00 +0530 Tue, 25 Jan 2022 08:47:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417521 The Tribunal partially allowed the appeal, ruling in favor of the assessee concerning the addition for Long Term Capital Gain. The challenge to the validity of the notice under section 148 and reassessment proceedings was dismissed, as the information from the Annual Information Report justified the notice issuance. The Tribunal found that the property transfer occurred in the financial year 2007-08, not in the assessment year 2009-10 as erroneously assessed by the AO. Consequently, the Tribunal set aside the CIT(A)'s decision in favor of the assessee. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417521