https://www.taxtmi.com/caselaws?id=756195 ITAT Mumbai quashed reassessment order passed u/s 143(3) r.w.s 147 for AY 2014-15. AO failed to dispose of assessee's objection to reopening as mandated by SC in GKN Driveshaft case. Original assessment had already examined long term capital gains exemption u/s 10(38) on share sales with full compliance by assessee. AO made no additions after detailed inquiry. CIT(A) correctly held reopening invalid as conditions precedent not met, constituting change of opinion on same information. Reassessment order quashed, revenue's appeal dismissed. ITAT upheld CIT(A)'s decision finding no legal infirmity. en-us Wed, 26 Jun 2024 00:00:00 +0530 Tue, 30 Jul 2024 08:09:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756195 ITAT Mumbai quashed reassessment order passed u/s 143(3) r.w.s 147 for AY 2014-15. AO failed to dispose of assessee's objection to reopening as mandated by SC in GKN Driveshaft case. Original assessment had already examined long term capital gains exemption u/s 10(38) on share sales with full compliance by assessee. AO made no additions after detailed inquiry. CIT(A) correctly held reopening invalid as conditions precedent not met, constituting change of opinion on same information. Reassessment order quashed, revenue's appeal dismissed. ITAT upheld CIT(A)'s decision finding no legal infirmity. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756195