Reopening on Change of Opinion Invalid: ITAT Quashes Entire Assessment

Rohan Hemant Thakkar Vs ITO (ITAT Mumbai) Reopening on Change of Opinion Invalid: ITAT Quashes Entire Assessment FULL TEXT OF THE ORDER OF ITAT MUMBAI The AO reopened the assessment to treat capital gains as STCG instead of LTCG, despite the issue having been already examined in original assessment u/s 143(3) where LTCG and exemption u/s 54F were accepted. The ITAT noted that the reopening was based merely on re-appreciation of the same facts (date of acquisition vs registration) already on record, without any new tangible material. Relying on the Supreme Court ruling in Kelvinator of India Lt...