https://www.taxtmi.com/caselaws?id=445963 ITAT Ahmedabad held that reopening of assessment u/s 147 was invalid where AO recorded reasons stating assessee failed to show capital gain from property sale, when the original return actually declared capital loss with proper computation and cost inflation index. The AO's contradictory statements - first claiming no capital gain disclosure, then admitting capital loss was shown - demonstrated non-application of mind. Since reasons recorded were factually incorrect and assessee had properly disclosed the transaction, the assumption of jurisdiction u/s 147 and notice u/s 148 were without lawful authority and unsustainable. en-us Wed, 18 Oct 2023 00:00:00 +0530 Thu, 23 Nov 2023 07:35:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445963 ITAT Ahmedabad held that reopening of assessment u/s 147 was invalid where AO recorded reasons stating assessee failed to show capital gain from property sale, when the original return actually declared capital loss with proper computation and cost inflation index. The AO's contradictory statements - first claiming no capital gain disclosure, then admitting capital loss was shown - demonstrated non-application of mind. Since reasons recorded were factually incorrect and assessee had properly disclosed the transaction, the assumption of jurisdiction u/s 147 and notice u/s 148 were without lawful authority and unsustainable. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445963