Karnataka HC Quashed Reassessment as It Was Based on Mere Change of Opinion

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 investment in im...