https://www.taxtmi.com/caselaws?id=765999 Gujarat HC quashed reassessment notice u/s 148 for lack of jurisdiction. Court held AO lacked tangible material to reopen assessment regarding lease payments, foreign currency transactions, and goodwill depreciation. Petitioner adequately explained lease rent as accepted financial lease transactions from 2012-13 onwards with no prior additions. Foreign currency claims were properly computed with unrealized gains/losses duly reflected. Depreciation on goodwill was permissible as amended provision denying it was effective from 2021, not applicable to AY 2017-18. Reassessment constituted mere change of opinion without fresh evidence. en-us Mon, 03 Feb 2025 00:00:00 +0530 Fri, 14 Feb 2025 08:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765999 Gujarat HC quashed reassessment notice u/s 148 for lack of jurisdiction. Court held AO lacked tangible material to reopen assessment regarding lease payments, foreign currency transactions, and goodwill depreciation. Petitioner adequately explained lease rent as accepted financial lease transactions from 2012-13 onwards with no prior additions. Foreign currency claims were properly computed with unrealized gains/losses duly reflected. Depreciation on goodwill was permissible as amended provision denying it was effective from 2021, not applicable to AY 2017-18. Reassessment constituted mere change of opinion without fresh evidence. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765999