https://www.taxtmi.com/caselaws?id=313987 The HC quashed the reopening of assessment under section 147 for AY 2014-15 regarding property investments. The court found that the revenue failed to provide separate recorded reasons and proper sanction from Principal CIT for reassessment. Since the assessment for AY 2015-16 was completed without adverse findings on the same property investment and the assessee's claim was accepted after revision, no grounds existed for reopening AY 2014-15 proceedings. The court determined no income concealment occurred regarding the property investment, allowing the writ petition. en-us Tue, 25 Apr 2023 00:00:00 +0530 Sat, 11 May 2024 08:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313987 The HC quashed the reopening of assessment under section 147 for AY 2014-15 regarding property investments. The court found that the revenue failed to provide separate recorded reasons and proper sanction from Principal CIT for reassessment. Since the assessment for AY 2015-16 was completed without adverse findings on the same property investment and the assessee's claim was accepted after revision, no grounds existed for reopening AY 2014-15 proceedings. The court determined no income concealment occurred regarding the property investment, allowing the writ petition. Case-Laws Income Tax Tue, 25 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313987