https://www.taxtmi.com/caselaws?id=433658 The High Court set aside the notice issued under Section 147 of the Income Tax Act, 1961, for reopening the assessment year 2013-14. The Court ruled in favor of the petitioner, emphasizing that the surrender value of the pension policy, assigned to a third party, was not taxable as the petitioner had not claimed any deduction under Section 80CCC(1) of the Act. The Court found the reopening of assessment unjustified as no income was received by the petitioner directly. en-us Mon, 18 Jul 2022 00:00:00 +0530 Mon, 06 Feb 2023 09:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433658 The High Court set aside the notice issued under Section 147 of the Income Tax Act, 1961, for reopening the assessment year 2013-14. The Court ruled in favor of the petitioner, emphasizing that the surrender value of the pension policy, assigned to a third party, was not taxable as the petitioner had not claimed any deduction under Section 80CCC(1) of the Act. The Court found the reopening of assessment unjustified as no income was received by the petitioner directly. Case-Laws Income Tax Mon, 18 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433658