https://www.taxtmi.com/caselaws?id=314022 The Gujarat HC quashed Section 148 notices for reopening assessment based on alleged bogus advance payment for immovable property purchase. The court found no income escapement as the property was never sold or transferred to the claimant, remaining registered in petitioner's name with possession intact. Without actual sale deed execution or possession transfer, no capital gains income accrued. The Assessing Officer lacked valid reason to believe income escaped assessment since all material facts were disclosed and no chargeable income existed from the alleged transaction. en-us Tue, 04 Oct 2022 00:00:00 +0530 Tue, 01 Jul 2025 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314022 The Gujarat HC quashed Section 148 notices for reopening assessment based on alleged bogus advance payment for immovable property purchase. The court found no income escapement as the property was never sold or transferred to the claimant, remaining registered in petitioner's name with possession intact. Without actual sale deed execution or possession transfer, no capital gains income accrued. The Assessing Officer lacked valid reason to believe income escaped assessment since all material facts were disclosed and no chargeable income existed from the alleged transaction. Case-Laws Income Tax Tue, 04 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314022