Mere change of opinion on the part of AO is not a valid ground for reassessment

ACIT Vs KSR Transport (ITAT Nagpur) In the case of ACIT Vs KSR Transport, the ITAT Nagpur addressed an appeal filed by the revenue against the order of the Commissioner of Income Tax (Appeals) concerning the assessment for the Assessment Year (AY) 2009-10. The primary issue revolved around the deletion of a capital gains addition amounting to ₹2,31,89,907 by the CIT(A), originally imposed under section 50 of the Income Tax Act due to the sale of vehicles. The Assessing Officer (AO) initially assessed the income, but in later re-assessment proceedings, he questioned the genuineness of the sal...