https://www.taxtmi.com/caselaws?id=755429 The ITAT Mumbai allowed the assessee's appeal against reopening of assessment under section 147 after four years. The revenue incorrectly assumed the assessee claimed exemption under sections 10(10A) or 10(10D) for ULIP policy surrender and made additions for disallowed long-term capital loss. The tribunal found the recorded reasons erroneous as the assessee had declared the income in the return without claiming any exemption, establishing no concealment of facts. The addition based on wrong factual assumptions was deleted and the appeal was allowed. en-us Tue, 09 Jul 2024 00:00:00 +0530 Fri, 12 Jul 2024 08:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755429 The ITAT Mumbai allowed the assessee's appeal against reopening of assessment under section 147 after four years. The revenue incorrectly assumed the assessee claimed exemption under sections 10(10A) or 10(10D) for ULIP policy surrender and made additions for disallowed long-term capital loss. The tribunal found the recorded reasons erroneous as the assessee had declared the income in the return without claiming any exemption, establishing no concealment of facts. The addition based on wrong factual assumptions was deleted and the appeal was allowed. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755429