https://www.taxtmi.com/caselaws?id=758724 The Gujarat HC quashed a reassessment notice issued under Section 148 beyond four years. The AO sought to reopen assessment regarding land sale transactions, claiming they should be taxed as business income rather than capital gains. The court held that under the second proviso to Section 147, the AO lacked jurisdiction to reopen assessment when the assessee had fully disclosed all material facts. The reasons recorded were incorrect as the assessee filed ITR-5 for salary and capital gains income, not ITR-3/ITR-4 for business income. The notice was based on audit objections without fresh tangible information, making it impermissible. The reassessment notice was quashed in favor of the assessee. en-us Mon, 02 Sep 2024 00:00:00 +0530 Wed, 18 Sep 2024 07:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758724 The Gujarat HC quashed a reassessment notice issued under Section 148 beyond four years. The AO sought to reopen assessment regarding land sale transactions, claiming they should be taxed as business income rather than capital gains. The court held that under the second proviso to Section 147, the AO lacked jurisdiction to reopen assessment when the assessee had fully disclosed all material facts. The reasons recorded were incorrect as the assessee filed ITR-5 for salary and capital gains income, not ITR-3/ITR-4 for business income. The notice was based on audit objections without fresh tangible information, making it impermissible. The reassessment notice was quashed in favor of the assessee. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758724