https://www.taxtmi.com/caselaws?id=776570 The ITAT Chennai held that the amount credited to the assessee's current account on account of goodwill arising from revaluation of the partnership firm is taxable under section 28(iv) only if it constitutes a non-monetary perquisite. Since the assessee did not withdraw any money and the reconstitution was based on a family arrangement among partners, the AO erred in treating the amount as taxable income under section 28(iv). Further, the reopening of assessment under section 147 was quashed as the AO failed to record valid reasons or provide them to the assessee, violating settled judicial principles. The reassessment orders were held invalid for lack of jurisdiction. The appeal by the assessee was allowed, dismissing the revenue's grounds. en-us Thu, 07 Aug 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776570 The ITAT Chennai held that the amount credited to the assessee's current account on account of goodwill arising from revaluation of the partnership firm is taxable under section 28(iv) only if it constitutes a non-monetary perquisite. Since the assessee did not withdraw any money and the reconstitution was based on a family arrangement among partners, the AO erred in treating the amount as taxable income under section 28(iv). Further, the reopening of assessment under section 147 was quashed as the AO failed to record valid reasons or provide them to the assessee, violating settled judicial principles. The reassessment orders were held invalid for lack of jurisdiction. The appeal by the assessee was allowed, dismissing the revenue's grounds. Case-Laws Income Tax Thu, 07 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776570