https://www.taxtmi.com/caselaws?id=772214 The Delhi HC set aside a reopening notice under Section 149(1)(b) of the Income Tax Act. The petitioner had sold shares claiming exemption under Section 10(38). The AO alleged income escaped assessment but the court found no material evidence supporting that the gross sale consideration escaped assessment in the relevant assessment year. The only transaction in question was the share sale, and the income that potentially escaped assessment was below the Rs. 50 lakh threshold required for Section 149(1)(b). The court ruled the notice was issued beyond the limitation period and conditions for reopening were not satisfied, deciding in favor of the assessee. en-us Thu, 29 May 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772214 The Delhi HC set aside a reopening notice under Section 149(1)(b) of the Income Tax Act. The petitioner had sold shares claiming exemption under Section 10(38). The AO alleged income escaped assessment but the court found no material evidence supporting that the gross sale consideration escaped assessment in the relevant assessment year. The only transaction in question was the share sale, and the income that potentially escaped assessment was below the Rs. 50 lakh threshold required for Section 149(1)(b). The court ruled the notice was issued beyond the limitation period and conditions for reopening were not satisfied, deciding in favor of the assessee. Case-Laws Income Tax Thu, 29 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772214