https://www.taxtmi.com/caselaws?id=765510 The Delhi HC ruled in favor of the assessee, holding that reassessment under Section 147 cannot be reopened for the same reason previously examined. The AO attempted to reopen assessment based on the assumption that petitioner sold shares of a company below correct value, focusing on the immovable property held by the company. However, this identical issue was already examined in an earlier reassessment round where the AO had accepted petitioner's response and supporting documents. The court found that the AO failed to consider petitioner's response under Section 148A(b) and ignored established facts that the company owned only two floors of the property in question, not the entire property as assumed. en-us Thu, 30 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765510 The Delhi HC ruled in favor of the assessee, holding that reassessment under Section 147 cannot be reopened for the same reason previously examined. The AO attempted to reopen assessment based on the assumption that petitioner sold shares of a company below correct value, focusing on the immovable property held by the company. However, this identical issue was already examined in an earlier reassessment round where the AO had accepted petitioner's response and supporting documents. The court found that the AO failed to consider petitioner's response under Section 148A(b) and ignored established facts that the company owned only two floors of the property in question, not the entire property as assumed. Case-Laws Income Tax Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765510