https://www.taxtmi.com/caselaws?id=440107 The HC quashed the notice dated 29.03.2021 issued under Section 148 of the IT Act, which sought to reopen the assessment for the year 2014-15. The court determined that the petitioner had disclosed the receipt of Rs. 40,00,000/- in the return of income and computed the capital gains appropriately. Consequently, it was concluded that there was no escapement of income chargeable to tax. The court allowed the petition, rendering the notice and related proceedings invalid, and made the rule absolute. en-us Thu, 06 Jul 2023 00:00:00 +0530 Mon, 06 May 2024 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440107 The HC quashed the notice dated 29.03.2021 issued under Section 148 of the IT Act, which sought to reopen the assessment for the year 2014-15. The court determined that the petitioner had disclosed the receipt of Rs. 40,00,000/- in the return of income and computed the capital gains appropriately. Consequently, it was concluded that there was no escapement of income chargeable to tax. The court allowed the petition, rendering the notice and related proceedings invalid, and made the rule absolute. Case-Laws Income Tax Thu, 06 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440107