Reopening Invalid Where Capital Gains Already Disclosed and Taxes Paid

Yusufbhai Gafurbhai Shaikh Vs ITO (ITAT Surat) Reopening Invalid Where Capital Gains Already Disclosed and Taxes Paid – Section 147 Proceedings Quashed The Surat Bench of the ITAT allowed the assessee’s appeal for AY 2010-11 and quashed the reassessment proceedings initiated under section 147. The Tribunal held that the assessee, being only a 1/6th co-owner of the property, had already disclosed the sale transaction, computed the long-term capital gains relatable to his share, and paid due taxes thereon. All relevant details and documentary evidences had been furnished even prior to issuan...