https://www.taxtmi.com/caselaws?id=436928 HC held that reopening of assessment under s.147 was invalid because the notice and stated grounds lacked foundational facts and tangible material. The assessee had disclosed the sale proceeds, computation of capital gains and claimed exemption under s.54EC in the return, which was processed, and differences in co-owners' returns did not furnish a valid reason to reopen. Absent a legally acceptable reason to believe, the reassessment could not be sustained; decision in favor of the assessee. en-us Mon, 17 Apr 2023 00:00:00 +0530 Sat, 20 Sep 2025 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436928 HC held that reopening of assessment under s.147 was invalid because the notice and stated grounds lacked foundational facts and tangible material. The assessee had disclosed the sale proceeds, computation of capital gains and claimed exemption under s.54EC in the return, which was processed, and differences in co-owners' returns did not furnish a valid reason to reopen. Absent a legally acceptable reason to believe, the reassessment could not be sustained; decision in favor of the assessee. Case-Laws Income Tax Mon, 17 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436928