https://www.taxtmi.com/caselaws?id=456311 Gujarat HC quashed reassessment notice u/s 148 issued beyond 4-year limitation period for A.Y. 2012-13. Original assessment was completed u/s 143(3) after notice u/s 142 on 7.11.2014, with reopening notice issued on 27.3.2019. Court held assessee had fully disclosed capital gain transaction details during original assessment proceedings, including response to s.142 notice. AO's claim of non-disclosure lacked merit as transaction was already scrutinized. First proviso to s.147 requirements not satisfied for reopening beyond 4 years. Petition allowed, though s.45(3) r/w s.50C issues kept open for adjudication in pending matters. en-us Mon, 30 Jan 2023 00:00:00 +0530 Mon, 15 Jul 2024 19:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456311 Gujarat HC quashed reassessment notice u/s 148 issued beyond 4-year limitation period for A.Y. 2012-13. Original assessment was completed u/s 143(3) after notice u/s 142 on 7.11.2014, with reopening notice issued on 27.3.2019. Court held assessee had fully disclosed capital gain transaction details during original assessment proceedings, including response to s.142 notice. AO's claim of non-disclosure lacked merit as transaction was already scrutinized. First proviso to s.147 requirements not satisfied for reopening beyond 4 years. Petition allowed, though s.45(3) r/w s.50C issues kept open for adjudication in pending matters. Case-Laws Income Tax Mon, 30 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456311