https://www.taxtmi.com/caselaws?id=424737 The court found in favor of the appellant, highlighting the lack of 'reasons to believe' for initiating reassessment proceedings under Section 148 of the Income Tax Act, 1961. It was emphasized that 'reasons to believe' must be recorded and not based on mere suspicion. The court held that the Tribunal erred in its decisions regarding the chargeability of capital gains tax and the determination of transfer under relevant sections of the Act. The appeal was allowed, answering substantial questions of law in favor of the assessee, and setting aside the ITAT's order. en-us Thu, 30 Jun 2022 00:00:00 +0530 Thu, 07 Jul 2022 09:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424737 The court found in favor of the appellant, highlighting the lack of 'reasons to believe' for initiating reassessment proceedings under Section 148 of the Income Tax Act, 1961. It was emphasized that 'reasons to believe' must be recorded and not based on mere suspicion. The court held that the Tribunal erred in its decisions regarding the chargeability of capital gains tax and the determination of transfer under relevant sections of the Act. The appeal was allowed, answering substantial questions of law in favor of the assessee, and setting aside the ITAT's order. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424737