https://www.taxtmi.com/caselaws?id=35119 The High Court ruled in favor of the assessee, holding that the original assessment could not be reopened under Section 148 based on the treatment of shares as stock-in-trade instead of investment. The court emphasized that since previous proceedings had already determined the shares as investments, initiating re-assessment on the same ground was impermissible. The court concluded that when an issue has been decided in favor of the assessee, reopening the assessment under Section 148 is not justified. The court dismissed the appeal, stating that the issue had been conclusively settled in favor of the assessee by the CIT(A) and ITAT. en-us Mon, 16 Nov 2009 00:00:00 +0530 Mon, 27 Sep 2010 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35119 The High Court ruled in favor of the assessee, holding that the original assessment could not be reopened under Section 148 based on the treatment of shares as stock-in-trade instead of investment. The court emphasized that since previous proceedings had already determined the shares as investments, initiating re-assessment on the same ground was impermissible. The court concluded that when an issue has been decided in favor of the assessee, reopening the assessment under Section 148 is not justified. The court dismissed the appeal, stating that the issue had been conclusively settled in favor of the assessee by the CIT(A) and ITAT. Case-Laws Income Tax Mon, 16 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35119