https://www.taxtmi.com/caselaws?id=457199 The Gujarat HC quashed a section 148 notice for reopening assessment after four years. The AO sought to reopen based on seized documents from a third party search, alleging undisclosed long-term capital gain from property sale. However, the petitioner had already filed a return declaring the capital gain and the return was processed under section 143(1). The AO failed to establish any nexus between the seized material and the petitioner, who denied any connection with the entity from whom documents were seized. The court found the AO acted without proper verification and failed to apply mind before issuing notice. en-us Tue, 12 Jul 2022 00:00:00 +0530 Wed, 11 Sep 2024 20:40:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457199 The Gujarat HC quashed a section 148 notice for reopening assessment after four years. The AO sought to reopen based on seized documents from a third party search, alleging undisclosed long-term capital gain from property sale. However, the petitioner had already filed a return declaring the capital gain and the return was processed under section 143(1). The AO failed to establish any nexus between the seized material and the petitioner, who denied any connection with the entity from whom documents were seized. The court found the AO acted without proper verification and failed to apply mind before issuing notice. Case-Laws Income Tax Tue, 12 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457199