https://www.taxtmi.com/caselaws?id=762402 The Rajasthan HC dismissed a petition challenging reassessment proceedings under section 147. The petitioner claimed LTCG deduction under section 54-B, which was not specifically questioned during original assessment proceedings. The court held that reassessment was valid as the AO had reason to believe income escaped assessment, distinguishing it from mere change of opinion. The court clarified that reasons for reopening can be based on material already on record and that no bar exists under section 147 for such reassessment. en-us Thu, 14 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762402 The Rajasthan HC dismissed a petition challenging reassessment proceedings under section 147. The petitioner claimed LTCG deduction under section 54-B, which was not specifically questioned during original assessment proceedings. The court held that reassessment was valid as the AO had reason to believe income escaped assessment, distinguishing it from mere change of opinion. The court clarified that reasons for reopening can be based on material already on record and that no bar exists under section 147 for such reassessment. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762402