{"id":34069,"date":"2023-04-22T11:11:56","date_gmt":"2023-04-22T05:41:56","guid":{"rendered":"https:\/\/itatonline.org\/digest\/navajbai-ratan-tata-trust-v-acit-2022-196-itd-189-mum-trib\/"},"modified":"2023-04-22T11:11:56","modified_gmt":"2023-04-22T05:41:56","slug":"navajbai-ratan-tata-trust-v-acit-2022-196-itd-189-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/navajbai-ratan-tata-trust-v-acit-2022-196-itd-189-mum-trib\/","title":{"rendered":"Navajbai Ratan Tata Trust. v. ACIT (2022) 196 ITD 189 (Mum.) (Trib.)"},"content":{"rendered":"<p>Assessee-charitable trust filed return which was processed under section 143(1). Assessing Officer\u00a0 reopened the assessment on grounds that assessee made investment in prohibited mode of investment as per section 13(1)(d) from capital gains earned on sale of quoted shares and assessee showed deficit after claiming exemption under section 11(1)(a) when same was required to be restricted to nil. Held that\u00a0 reassessment proceedings were initiated after perusal of original return and other annexures filed along with it. Since initiation of reassessment proceedings by Assessing Officer was without any new or tangible material which came into his possession subsequent to intimation under section 143(1), mere non-selection of assessee&#8217;s case for scrutiny would not reduce significance of reasons to believe. Reassessment order was quashed. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment-Capital gains-Investment in prohibited mode-No new tangible material-Reassessment is bad in law. [S. 11, 13(1)(d), 143(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34069","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8Rv","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34069"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34069\/revisions"}],"predecessor-version":[{"id":34070,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34069\/revisions\/34070"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}