https://www.taxtmi.com/caselaws?id=759496 The Gujarat HC ruled in favor of the assessee in a case concerning reopening of assessment under section 147. The AO had reopened assessment based on information about share price fluctuations of Kushal Ltd., suspecting non-genuine gains from trading. However, the court found that even if the proposed addition was made, there would be no additional taxable income since the income under section 115JB exceeded the proposed addition. The court held that no fruitful purpose would be served by continuing the reassessment proceedings, making the reopening exercise futile. The petition succeeded. en-us Tue, 23 Jul 2024 00:00:00 +0530 Tue, 01 Oct 2024 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759496 The Gujarat HC ruled in favor of the assessee in a case concerning reopening of assessment under section 147. The AO had reopened assessment based on information about share price fluctuations of Kushal Ltd., suspecting non-genuine gains from trading. However, the court found that even if the proposed addition was made, there would be no additional taxable income since the income under section 115JB exceeded the proposed addition. The court held that no fruitful purpose would be served by continuing the reassessment proceedings, making the reopening exercise futile. The petition succeeded. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759496