https://www.taxtmi.com/caselaws?id=389786 The Tribunal partially allowed the appeal, setting aside the order of the learned CIT(A) regarding the reopening of assessment under section 147 of the Income Tax Act, 1961. The Tribunal emphasized the necessity of having valid grounds to believe that income had escaped assessment before initiating reassessment proceedings. The issues related to the allowance of speculation loss, addition of amount to total income due to share transactions, and calculation of interest under section 234D were not extensively addressed in the judgment as the focus remained on the validity of the reassessment proceedings. en-us Tue, 03 Dec 2019 00:00:00 +0530 Tue, 17 Dec 2019 14:58:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389786 The Tribunal partially allowed the appeal, setting aside the order of the learned CIT(A) regarding the reopening of assessment under section 147 of the Income Tax Act, 1961. The Tribunal emphasized the necessity of having valid grounds to believe that income had escaped assessment before initiating reassessment proceedings. The issues related to the allowance of speculation loss, addition of amount to total income due to share transactions, and calculation of interest under section 234D were not extensively addressed in the judgment as the focus remained on the validity of the reassessment proceedings. Case-Laws Income Tax Tue, 03 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389786