https://www.taxtmi.com/caselaws?id=375781 The Tribunal allowed the appeals of the assessee, holding that the re-opening of the assessments for the Assessment Years 2010-11 and 2011-12 was invalid due to the AO's failure to independently apply his mind to the information received. Consequently, the Tribunal did not delve into the merits of the case, as the invalid re-opening rendered the assessments void. The Tribunal emphasized that in arbitrage transactions, losses in one exchange are typically offset by gains in another, and the assessee's transactions were found to be genuine. The appeals were thus allowed in favor of the assessee. en-us Fri, 02 Nov 2018 00:00:00 +0530 Mon, 25 Feb 2019 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375781 The Tribunal allowed the appeals of the assessee, holding that the re-opening of the assessments for the Assessment Years 2010-11 and 2011-12 was invalid due to the AO's failure to independently apply his mind to the information received. Consequently, the Tribunal did not delve into the merits of the case, as the invalid re-opening rendered the assessments void. The Tribunal emphasized that in arbitrage transactions, losses in one exchange are typically offset by gains in another, and the assessee's transactions were found to be genuine. The appeals were thus allowed in favor of the assessee. Case-Laws Income Tax Fri, 02 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375781