https://www.taxtmi.com/caselaws?id=756421 Gujarat HC quashed reassessment notices u/s 148A(b), 148A(d), and 148 for AY 2019-20. AO sought to reopen assessment claiming shares received below fair market value constituted income escapement u/s 56(2)(x)(c). Court held AO's reasons were inconsistent and failed to reference the relevant section. The share transaction was adequately explained by assessee and investment in shares cannot be deemed unexplained income. However, AO retains liberty to take lawful action if permissible. en-us Tue, 16 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:12:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756421 Gujarat HC quashed reassessment notices u/s 148A(b), 148A(d), and 148 for AY 2019-20. AO sought to reopen assessment claiming shares received below fair market value constituted income escapement u/s 56(2)(x)(c). Court held AO's reasons were inconsistent and failed to reference the relevant section. The share transaction was adequately explained by assessee and investment in shares cannot be deemed unexplained income. However, AO retains liberty to take lawful action if permissible. Case-Laws Income Tax Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756421