https://www.taxtmi.com/highlights?id=94976 ITAT held the second reassessment u/s 147, initiated by notice u/s 148 dated 20/03/2020 on the same material and issues already examined and accepted in the earlier reassessment order u/s 143(3) r.w.s. 147 dated 28/11/2019, to be invalid as a mere change of opinion, following the SC ruling in Kelvinator. No new tangible material or independent enquiry was found. Consequently, the reassessment proceedings and additions treating LTCG as bogus and taxing it as unexplained money u/s 69A r.w.s. 115BBE were quashed. On merits also, in light of SEBI's final report exonerating the scrip, exemption u/s 10(38) was upheld and Revenue's case failed. en-us Fri, 12 Dec 2025 08:55:17 +0530 Fri, 12 Dec 2025 08:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94976 ITAT held the second reassessment u/s 147, initiated by notice u/s 148 dated 20/03/2020 on the same material and issues already examined and accepted in the earlier reassessment order u/s 143(3) r.w.s. 147 dated 28/11/2019, to be invalid as a mere change of opinion, following the SC ruling in Kelvinator. No new tangible material or independent enquiry was found. Consequently, the reassessment proceedings and additions treating LTCG as bogus and taxing it as unexplained money u/s 69A r.w.s. 115BBE were quashed. On merits also, in light of SEBI's final report exonerating the scrip, exemption u/s 10(38) was upheld and Revenue's case failed. Highlights Income Tax Fri, 12 Dec 2025 08:55:17 +0530 https://www.taxtmi.com/highlights?id=94976