https://www.taxtmi.com/caselaws?id=418343 The court allowed the writ application, quashing the notice issued under Section 148 of the Income Tax Act, 1961 for reopening assessment for A.Y. 2016-17. The court found that the reasons for reopening provided by the Revenue were factually incorrect, as the amount in question had been properly disclosed in the return of income filed by the assessee. Despite attempts to argue on the cost of acquisition, the court concluded that there was no valid basis for the Revenue to reopen the assessment, ultimately setting aside the notice. en-us Fri, 28 Jan 2022 00:00:00 +0530 Tue, 15 Feb 2022 06:57:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418343 The court allowed the writ application, quashing the notice issued under Section 148 of the Income Tax Act, 1961 for reopening assessment for A.Y. 2016-17. The court found that the reasons for reopening provided by the Revenue were factually incorrect, as the amount in question had been properly disclosed in the return of income filed by the assessee. Despite attempts to argue on the cost of acquisition, the court concluded that there was no valid basis for the Revenue to reopen the assessment, ultimately setting aside the notice. Case-Laws Income Tax Fri, 28 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418343