No Fresh Material, No Reassessment: ITAT Quashes Section 148 Notice

Advertisement Balakumar Radhakrishna Vs DCIT (ITAT Chennai) AO Cannot Revisit Old Figures—Change of Opinion Dooms Reassessment -No Fresh Material, No Reopening: ITAT Quashes 148 as Pure Review Assessee filed return for AY 2014-15 declaring income of Rs.5,94,710, which was accepted u/s 143(3) on 22.09.2016. AO later reopened assessment by issuing notice u/s 148 on 18.03.2019 alleging incorrect computation of LTCG, stating that Assessee wrongly applied full purchase value instead of 1/7th share for indexed cost. Tribunal noted from the recorded reasons   that reopening was entirely based ...