Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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The HC quashed the reopening notice for AY 2015-16. The AO mechanically reopened assessment without independent application of mind, merely relying on information from DGIT about alleged non-genuine derivative trades. The assessee had disclosed profits from futures/options trading which were accepted in regular assessment. Reopening based on change of opinion that such profits were from derivatives is impermissible. The AO failed to form an independent reasonable belief of income escaping assessment after examining assessee's records. Mere borrowed satisfaction from third-party information cannot justify reassessment without verifying assessee's specific facts.
The HC quashed the reopening notice for AY 2015-16. The AO mechanically reopened assessment without independent application of mind, merely relying on information from DGIT about alleged non-genuine derivative trades. The assessee had disclosed profits from futures/options trading which were accepted in regular assessment. Reopening based on change of opinion that such profits were from derivatives is impermissible. The AO failed to form an independent reasonable belief of income escaping assessment after examining assessee's records. Mere borrowed satisfaction from third-party information cannot justify reassessment without verifying assessee's specific facts.
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