https://www.taxtmi.com/caselaws?id=756151 The ITAT Delhi quashed the reopening of assessment under Section 148, ruling that the AO lacked fresh tangible material and merely changed opinion on previously disclosed share purchase transactions. The assessee had fully disclosed the acquisition of 26% stake in HHML from Honda during original assessment proceedings. The tribunal found no failure to furnish material facts, noting the transaction was publicly reported and examined by multiple tax authorities. Additionally, the ITAT held that Section 28(iv) provisions were incorrectly invoked since shares were held as long-term investments, not trading stock, consistent with CIT(A)'s earlier finding that such transactions constitute capital gains, not business income. en-us Wed, 24 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 10:02:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756151 The ITAT Delhi quashed the reopening of assessment under Section 148, ruling that the AO lacked fresh tangible material and merely changed opinion on previously disclosed share purchase transactions. The assessee had fully disclosed the acquisition of 26% stake in HHML from Honda during original assessment proceedings. The tribunal found no failure to furnish material facts, noting the transaction was publicly reported and examined by multiple tax authorities. Additionally, the ITAT held that Section 28(iv) provisions were incorrectly invoked since shares were held as long-term investments, not trading stock, consistent with CIT(A)'s earlier finding that such transactions constitute capital gains, not business income. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756151