https://www.taxtmi.com/caselaws?id=416867 The Appellate Tribunal ITAT Ahmedabad allowed the assessee's appeal, quashing the reassessment order for Assessment Year 2009-10. The Tribunal found the reopening of the assessment unjustified as the reasons lacked proper analysis and justification. The disallowance of the claimed loss was not extensively addressed due to the Tribunal's focus on the reopening issue. The Tribunal held that the Assessing Officer did not have a valid reason to believe income had escaped assessment, leading to the decision in favor of the assessee. en-us Mon, 29 Nov 2021 00:00:00 +0530 Mon, 10 Jan 2022 09:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416867 The Appellate Tribunal ITAT Ahmedabad allowed the assessee's appeal, quashing the reassessment order for Assessment Year 2009-10. The Tribunal found the reopening of the assessment unjustified as the reasons lacked proper analysis and justification. The disallowance of the claimed loss was not extensively addressed due to the Tribunal's focus on the reopening issue. The Tribunal held that the Assessing Officer did not have a valid reason to believe income had escaped assessment, leading to the decision in favor of the assessee. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416867