https://www.taxtmi.com/caselaws?id=446966 The Bombay HC quashed the reopening notice and order disposing objections in a case involving capital gains assessment. The original assessment under section 143(3) was completed assessing income at Rs. 82,07,933/- against disclosed income of Rs. 81,23,993/-. The petitioner had fully disclosed all material facts and responded to queries during assessment proceedings regarding capital gains from property sale. The court found the reopening was based merely on change of opinion by the Assessing Officer without valid reason to believe income had escaped assessment, citing Calcutta Discount Co. Ltd. precedent. The petition was allowed in favor of the assessee. en-us Mon, 12 Jun 2023 00:00:00 +0530 Wed, 13 Dec 2023 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446966 The Bombay HC quashed the reopening notice and order disposing objections in a case involving capital gains assessment. The original assessment under section 143(3) was completed assessing income at Rs. 82,07,933/- against disclosed income of Rs. 81,23,993/-. The petitioner had fully disclosed all material facts and responded to queries during assessment proceedings regarding capital gains from property sale. The court found the reopening was based merely on change of opinion by the Assessing Officer without valid reason to believe income had escaped assessment, citing Calcutta Discount Co. Ltd. precedent. The petition was allowed in favor of the assessee. Case-Laws Income Tax Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446966