Summary
- The Gujarat High Court has quashed the Section 148A(3) order and notice against Goral Infrastructure Private Limited for Assessment Year 2021-22, finding no new facts justifying reassessment.
- The court ruled that Section 56(2)(x) does not apply to land held as stock-in-trade, affirming the company's treatment of the land in its accounts.
- The decision emphasized the principle of consistency, as identical material was previously accepted for AY 2020-21 without issues.
- This ruling could set a precedent for similar cases involving stock-in-trade transactions in real estate, impacting future assessments.
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