https://www.taxtmi.com/caselaws?id=425586 The Tribunal ruled in favor of the assessee, treating the sale of shares as "long-term capital gain" rather than "income from business," following a decision by the High Court of Gujarat. The Tribunal invalidated the reopening of the assessment under Section 148 due to improper sanctioning authority, leading to the dismissal of penalty proceedings under Section 271(1)(c). The Tribunal's decision aligned with the High Court's precedent and provided relief to the assessee in this tax dispute. en-us Wed, 13 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425586 The Tribunal ruled in favor of the assessee, treating the sale of shares as "long-term capital gain" rather than "income from business," following a decision by the High Court of Gujarat. The Tribunal invalidated the reopening of the assessment under Section 148 due to improper sanctioning authority, leading to the dismissal of penalty proceedings under Section 271(1)(c). The Tribunal's decision aligned with the High Court's precedent and provided relief to the assessee in this tax dispute. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425586