https://www.taxtmi.com/caselaws?id=756711 ITAT Delhi held that re-assessment proceedings under section 148 for capital gains on property sale were invalid. The property transaction was concluded and assessed in AY 2007-08, with capital gains already offered and accepted by AO. Mere execution of sale deed in 2010 for registration purposes could not create fresh capital gains liability in AY 2011-12 for the same property. Section 50C provisions were inapplicable as no assessable capital gains existed for AY 2011-12. AO's assumption of jurisdiction under section 147 was illegal. Assessee's appeal allowed. en-us Wed, 24 Apr 2024 00:00:00 +0530 Wed, 07 Aug 2024 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756711 ITAT Delhi held that re-assessment proceedings under section 148 for capital gains on property sale were invalid. The property transaction was concluded and assessed in AY 2007-08, with capital gains already offered and accepted by AO. Mere execution of sale deed in 2010 for registration purposes could not create fresh capital gains liability in AY 2011-12 for the same property. Section 50C provisions were inapplicable as no assessable capital gains existed for AY 2011-12. AO's assumption of jurisdiction under section 147 was illegal. Assessee's appeal allowed. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756711