Allowing the petition the Court held that during original assessment Assessing Officer had examined assessee’s demat account, which gave full information about gift so received, sale made thereof and market value of said shares and thereafter completed assessment without treating gift of shares as assessee’s taxable income under section 56(2)(vii)(c) of the Act. Notice and order disposing the objection is quashed. (AY. 2013-14) (SJ)
Azim Premji Trustee Co. (P.) Ltd. v Dy. CIT (2023) 331 CTR 173 / 122 DTR 145/ 146 taxmann.com 58 (Karn)(HC)
S.147: Reassessment-After the expiry of four years-Capital gains-Sale of shares-Gift-Income from other sources-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 56(2)(vii)(c), 148, Art. 226]