https://www.taxtmi.com/caselaws?id=444403 The HC quashed the notice dated 30th March 2013 and the order dated 6th February 2014, ruling that the reopening of the assessment for A.Y. 2008-2009 was unjustified. The court determined that the reopening was based on a change of opinion, which is impermissible under Section 147 of the Income Tax Act. It was also found that Section 50C was not applicable to the transaction of gifting a flat, as previously accepted during the original assessment. The court noted that audit objections were not mentioned as the basis for reopening, and thus, could not serve as tangible material. en-us Fri, 06 Oct 2023 00:00:00 +0530 Wed, 13 Dec 2023 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444403 The HC quashed the notice dated 30th March 2013 and the order dated 6th February 2014, ruling that the reopening of the assessment for A.Y. 2008-2009 was unjustified. The court determined that the reopening was based on a change of opinion, which is impermissible under Section 147 of the Income Tax Act. It was also found that Section 50C was not applicable to the transaction of gifting a flat, as previously accepted during the original assessment. The court noted that audit objections were not mentioned as the basis for reopening, and thus, could not serve as tangible material. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444403