Court Rules Reopening Assessment u/s 147 for Pension Policy Surrender Impermissible; Petitioner Wrongly Taxed for Third Party's Gains.

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....Reopening of assessment u/s 147 - Reasons to believe - surrender of the pension policy - The policy in question was assigned to third party and said assignee had received the surrender value. The petitioner was sought to be taxed by way of reopening, the amount, which was as such received by third party. This was clearly not permissible in law - the petition of the petitioner is entitled to succeed. - HC....