https://www.taxtmi.com/caselaws?id=755220 The Gujarat HC quashed reassessment notices under Section 148 for capital gains on co-owned land sale. The court held that reassessment proceedings based on DVO valuation report from co-owner's case were invalid as reasons recorded failed to mention forming "reason to believe" due to DVO report. Since petitioner fully disclosed material facts during original assessment, reopening constituted mere change of opinion. The court applied principle that co-owners are entitled to same treatment, noting that when reassessment notice was held invalid for co-owner on same grounds, similar notice for petitioner could not be sustained. Petition allowed. en-us Fri, 14 Jun 2024 00:00:00 +0530 Mon, 08 Jul 2024 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755220 The Gujarat HC quashed reassessment notices under Section 148 for capital gains on co-owned land sale. The court held that reassessment proceedings based on DVO valuation report from co-owner's case were invalid as reasons recorded failed to mention forming "reason to believe" due to DVO report. Since petitioner fully disclosed material facts during original assessment, reopening constituted mere change of opinion. The court applied principle that co-owners are entitled to same treatment, noting that when reassessment notice was held invalid for co-owner on same grounds, similar notice for petitioner could not be sustained. Petition allowed. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755220