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Karnataka HC Quashed Reassessment as It Was Based on Mere Change of Opinion
Case Law Details
- Case Name
- ITO Vs Narayan Ravi Prakash (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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ITO Vs Narayan Ravi Prakash (Karnataka High Court)
The Karnataka High Court considered an intra-court appeal filed by the Revenue against the order of the learned Single Judge in a writ petition concerning reassessment proceedings under the Income-tax Act, 1961. The assessee had sold an immovable property on 29 August 2016, purchased a residential site on 1 June 2017, completed construction of a residential house on 26 August 2019, and claimed exemption under Section 54F. The return of income was selected for scrutiny on the issues of deduction/exemption from capital gains and...
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