https://www.taxtmi.com/caselaws?id=754447 The ITAT Delhi quashed reassessment proceedings under section 147 for a firm regarding gains on property sale. The tribunal found that the property was owned by individual partners, not the firm, and was sold by partners who credited proceeds to their personal accounts. The section 148 notice was issued to the property address after it was already sold and returned unserved. The AO incorrectly assumed the firm owned and sold the property, making the reassessment proceedings based on factually incorrect premises. The tribunal ruled in favor of the assessee firm. en-us Wed, 24 Apr 2024 00:00:00 +0530 Mon, 24 Jun 2024 21:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754447 The ITAT Delhi quashed reassessment proceedings under section 147 for a firm regarding gains on property sale. The tribunal found that the property was owned by individual partners, not the firm, and was sold by partners who credited proceeds to their personal accounts. The section 148 notice was issued to the property address after it was already sold and returned unserved. The AO incorrectly assumed the firm owned and sold the property, making the reassessment proceedings based on factually incorrect premises. The tribunal ruled in favor of the assessee firm. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754447