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2022 (2) TMI 495 - HC - Income TaxReopening of assessment u/s 147 - Bogus LTCG - HELD THAT:- As admitted position is that the Long Term Capital Gain had not only been disclosed in the return of income by the respondent/assessee, but the same was also claimed to be exempt. No adverse inference was made to the returned income of the respondent/assessee even when the Assessing Officer was fully aware of the Long Term Capital Gain claimed as exempt from tax. This Court is of the view that in the garb of reassessment proceedings, the appellant cannot seek to verify the same details on the strength of material which was already available on record. This Court is also in agreement with the finding of the Tribunal that the assumption of jurisdiction by issuing notice u/s 148 is bad in law. Accordingly, the present appeal and application are dismissed
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