https://www.taxtmi.com/caselaws?id=428381 The court ruled in favor of the petitioner, holding that the reassessment under Section 148 of the Income Tax Act for AY 2015-16 was invalid as it was based on a change of opinion without new material facts. The petitioner was found entitled to claim Long Term Capital Gain (LTCG) exemption under Section 54, even though the property was purchased jointly with his wife. The assessment order dated 28th July, 2022, was set aside due to the Assessing Officer's failure to consider evidence supporting the petitioner's claim. The court allowed the writ petition and disposed of pending applications. en-us Thu, 22 Sep 2022 00:00:00 +0530 Mon, 27 Feb 2023 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428381 The court ruled in favor of the petitioner, holding that the reassessment under Section 148 of the Income Tax Act for AY 2015-16 was invalid as it was based on a change of opinion without new material facts. The petitioner was found entitled to claim Long Term Capital Gain (LTCG) exemption under Section 54, even though the property was purchased jointly with his wife. The assessment order dated 28th July, 2022, was set aside due to the Assessing Officer's failure to consider evidence supporting the petitioner's claim. The court allowed the writ petition and disposed of pending applications. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428381