https://www.taxtmi.com/highlights?id=81046 Validity of reopening an assessment u/s 147 of the Income Tax Act, the distinction between "change of opinion" and "reasons to believe," and the classification of income as capital gains or business income. The assessee's investment source and short-term capital gains remained unexplained. The court held that the revenue failed to produce new information or documentary evidence for reopening the case, and a mere change of opinion by a new assessing officer cannot justify reassessment. The assessing officer changed the grounds for reassessment from treating the income as short-term capital gains to "adventure in the nature of business," which the court deemed a colorable exercise of power. The court found that the land sale did not constitut..... en-us Thu, 05 Sep 2024 07:51:11 +0530 Thu, 05 Sep 2024 07:51:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81046 Validity of reopening an assessment u/s 147 of the Income Tax Act, the distinction between "change of opinion" and "reasons to believe," and the classification of income as capital gains or business income. The assessee's investment source and short-term capital gains remained unexplained. The court held that the revenue failed to produce new information or documentary evidence for reopening the case, and a mere change of opinion by a new assessing officer cannot justify reassessment. The assessing officer changed the grounds for reassessment from treating the income as short-term capital gains to "adventure in the nature of business," which the court deemed a colorable exercise of power. The court found that the land sale did not constitut..... Highlights Income Tax Thu, 05 Sep 2024 07:51:11 +0530 https://www.taxtmi.com/highlights?id=81046