https://www.taxtmi.com/caselaws?id=773658 The Bombay HC quashed a notice issued under Section 148A(b) for reopening assessment regarding LTCG on agricultural land sale. The petitioner claimed the land was beyond 8 km from municipality with village population below 10,000, thus not a 'capital asset' under Section 2(14)(iii). The court held the AO failed to independently verify information or record satisfaction before reopening, merely acting on difference between purchase price and stamp duty value. The AO incorrectly stated assessment was completed under Section 143(1) when it was actually under Section 143(3), indicating change of opinion rather than escaped income. The reopening lacked statutory jurisdiction and was set aside. en-us Fri, 09 May 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773658 The Bombay HC quashed a notice issued under Section 148A(b) for reopening assessment regarding LTCG on agricultural land sale. The petitioner claimed the land was beyond 8 km from municipality with village population below 10,000, thus not a 'capital asset' under Section 2(14)(iii). The court held the AO failed to independently verify information or record satisfaction before reopening, merely acting on difference between purchase price and stamp duty value. The AO incorrectly stated assessment was completed under Section 143(1) when it was actually under Section 143(3), indicating change of opinion rather than escaped income. The reopening lacked statutory jurisdiction and was set aside. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773658