https://www.taxtmi.com/caselaws?id=753749 The ITAT Surat quashed reassessment proceedings under section 147 initiated against the assessee for AY 2012-13. Following the Gujarat HC precedent in Chintan Jadavbhai Patel, the tribunal held that capital gains from a transaction executed on 16.08.2010 were taxable in AY 2011-12, not AY 2012-13. Since the impugned capital gain was not taxable in the assessment year under consideration, the assessing officer's reasons for reopening the assessment were legally unsustainable. The assessee's appeal was allowed. en-us Wed, 17 Jan 2024 00:00:00 +0530 Mon, 10 Jun 2024 07:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753749 The ITAT Surat quashed reassessment proceedings under section 147 initiated against the assessee for AY 2012-13. Following the Gujarat HC precedent in Chintan Jadavbhai Patel, the tribunal held that capital gains from a transaction executed on 16.08.2010 were taxable in AY 2011-12, not AY 2012-13. Since the impugned capital gain was not taxable in the assessment year under consideration, the assessing officer's reasons for reopening the assessment were legally unsustainable. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753749