https://www.taxtmi.com/caselaws?id=757970 Delhi HC set aside notice u/s 148 for reopening assessment u/s 147. Revenue department erroneously treated bid amount of INR 6,81,90,364 paid by assessee for acquiring mining rights in e-auctions as undisclosed income. Court held that amount paid to Department of Mines and Geology for obtaining mining rights cannot be considered income of assessee. Income would only arise from actual sale of iron ore and non-ferrous metals extracted, not from bid amount for acquiring mining rights. AO's assumption of jurisdiction based on wholly erroneous view. Decision favored assessee. en-us Mon, 29 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 07:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757970 Delhi HC set aside notice u/s 148 for reopening assessment u/s 147. Revenue department erroneously treated bid amount of INR 6,81,90,364 paid by assessee for acquiring mining rights in e-auctions as undisclosed income. Court held that amount paid to Department of Mines and Geology for obtaining mining rights cannot be considered income of assessee. Income would only arise from actual sale of iron ore and non-ferrous metals extracted, not from bid amount for acquiring mining rights. AO's assumption of jurisdiction based on wholly erroneous view. Decision favored assessee. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757970