https://www.taxtmi.com/caselaws?id=768422 Gujarat HC quashed reassessment notices under Sections 148A(b), 148A(d), and 148 of the Income Tax Act. The assessee had disclosed short-term capital losses from mutual fund transactions in their return. The reassessment was based on allegations against JM Balanced Fund-Annual Dividend Option for manipulating accounting methodology to inflate distributable surplus. However, the assessee's transactions were in JM Equity Hybrid Fund, not JM Balanced Fund as mentioned in the notice. Following Karan Maheshwari precedent, HC held the Assessing Officer lacked jurisdiction to reopen assessment due to this factual discrepancy. Appeal allowed. en-us Tue, 25 Mar 2025 00:00:00 +0530 Fri, 12 Jun 2026 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768422 Gujarat HC quashed reassessment notices under Sections 148A(b), 148A(d), and 148 of the Income Tax Act. The assessee had disclosed short-term capital losses from mutual fund transactions in their return. The reassessment was based on allegations against JM Balanced Fund-Annual Dividend Option for manipulating accounting methodology to inflate distributable surplus. However, the assessee's transactions were in JM Equity Hybrid Fund, not JM Balanced Fund as mentioned in the notice. Following Karan Maheshwari precedent, HC held the Assessing Officer lacked jurisdiction to reopen assessment due to this factual discrepancy. Appeal allowed. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768422