https://www.taxtmi.com/caselaws?id=313674 ITAT Jodhpur upheld the validity of reopening assessment proceedings under section 147, ruling that information from Investigation Wing constituted fresh material providing valid basis for notice under section 148. However, the tribunal allowed the assessee's claim for exemption under section 10(38) on long-term capital gains from share transactions, finding that necessary documents were submitted establishing genuineness of purchase and sale. The tribunal noted department had allowed similar exemptions to other assessees in identical circumstances, making denial to this assessee contrary to natural justice principles. en-us Fri, 05 Jan 2024 00:00:00 +0530 Sat, 27 Apr 2024 15:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313674 ITAT Jodhpur upheld the validity of reopening assessment proceedings under section 147, ruling that information from Investigation Wing constituted fresh material providing valid basis for notice under section 148. However, the tribunal allowed the assessee's claim for exemption under section 10(38) on long-term capital gains from share transactions, finding that necessary documents were submitted establishing genuineness of purchase and sale. The tribunal noted department had allowed similar exemptions to other assessees in identical circumstances, making denial to this assessee contrary to natural justice principles. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313674