The Assessing Officer issued a reopening notice on assumption that assessee had sold shares at price below its correct value, however, same issue was subject matter of examination in earlier round of reassessment under section 147 wherein Assessing Officer had accepted assessee’s explanation, impugned notice and order disposing the objection is quashed and set aside. (AY. 2017-18)
Sarika Kansal v. ACIT [2025] 171 taxmann.com 545 (Delhi)(HC)
S. 147: Reassessment-Unexplained investment-Assessment cannot be opened twice for the same reason-Reassessment notice and order disposing the objection is quashed and set aside. [S. 69, 148, Art.226]
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