Reassessment Ruled Unjustified: ITAT Upholds CIT(A) Decision, Dismissing Revenue's Appeal on Share Sales Capital Gains.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....During the original assessment proceedings, the assessee complied with all queries and provided details regarding long-term capital gain claimed on sale of shares. The assessing officer did not dispose of the objection filed by the assessee regarding reopening of the case, as directed by the Supreme Court. The CIT(A) correctly held that the reassessment order was passed without justification due to non-disposal of the objection. The assessee demonstrated that during the original assessment, the AO raised the issue of long-term capital gains based on information from DIT(Investigation) but did not make any addition after obtaining explanations. Relying on Supreme Court decisions, the assessee argued that subsequent reopening amounted to a ch.........