https://www.taxtmi.com/caselaws?id=383715 The tribunal quashed the reassessment proceedings initiated under section 147, as the Assessing Officer (AO) had relied on unverified information from the Investigation Wing without independent verification. The reasons recorded for reopening the assessment were deemed insufficient and based on assumptions. The addition of Rs. 5,08,116/- as profit from F&O transactions was also overturned due to lack of proper verification and consideration of the evidence provided by the assessee. The tribunal allowed the assessee's appeal. en-us Thu, 25 Jul 2019 00:00:00 +0530 Tue, 30 Jul 2019 06:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383715 The tribunal quashed the reassessment proceedings initiated under section 147, as the Assessing Officer (AO) had relied on unverified information from the Investigation Wing without independent verification. The reasons recorded for reopening the assessment were deemed insufficient and based on assumptions. The addition of Rs. 5,08,116/- as profit from F&O transactions was also overturned due to lack of proper verification and consideration of the evidence provided by the assessee. The tribunal allowed the assessee's appeal. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383715