https://www.taxtmi.com/caselaws?id=758628 Gujarat HC quashed reassessment notice issued four years after original assessment regarding NSEL transactions. The court held that the assessing officer acted without jurisdiction and on borrowed satisfaction, ignoring statutory audit report under Section 142A which confirmed no NSEL transactions occurred in AY 2014-15. Since no purchase/sale transactions existed in the relevant year, no stock valuation impact on profit/loss arose. The reopening constituted impermissible change of opinion as the issue was already scrutinized during regular assessment. Full disclosure was made in financial statements showing nil debt to NSEL. Assessee's appeal was allowed. en-us Thu, 25 Apr 2024 00:00:00 +0530 Tue, 17 Sep 2024 08:37:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758628 Gujarat HC quashed reassessment notice issued four years after original assessment regarding NSEL transactions. The court held that the assessing officer acted without jurisdiction and on borrowed satisfaction, ignoring statutory audit report under Section 142A which confirmed no NSEL transactions occurred in AY 2014-15. Since no purchase/sale transactions existed in the relevant year, no stock valuation impact on profit/loss arose. The reopening constituted impermissible change of opinion as the issue was already scrutinized during regular assessment. Full disclosure was made in financial statements showing nil debt to NSEL. Assessee's appeal was allowed. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758628