https://www.taxtmi.com/caselaws?id=374829 The High Court quashed the notice of reopening of assessment for the assessment year 2011-12 issued by the Income Tax Officer to a senior citizen who traded in Commodity Exchange. The court found that the Assessing Officer erred in assuming the petitioner did not respond to queries about filing returns, failed to conduct further inquiry, and incorrectly cited transaction amounts. Highlighting the lack of prima facie evidence of escaped income, the court emphasized the necessity of a valid reason to believe income had escaped assessment. As a result, the court allowed the petition in favor of the petitioner, ruling against the reopening of the assessment. en-us Thu, 31 Jan 2019 00:00:00 +0530 Mon, 11 Feb 2019 08:19:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374829 The High Court quashed the notice of reopening of assessment for the assessment year 2011-12 issued by the Income Tax Officer to a senior citizen who traded in Commodity Exchange. The court found that the Assessing Officer erred in assuming the petitioner did not respond to queries about filing returns, failed to conduct further inquiry, and incorrectly cited transaction amounts. Highlighting the lack of prima facie evidence of escaped income, the court emphasized the necessity of a valid reason to believe income had escaped assessment. As a result, the court allowed the petition in favor of the petitioner, ruling against the reopening of the assessment. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374829