https://www.taxtmi.com/caselaws?id=428149 The Tribunal ruled in favor of the assessee in a case involving the disallowance of a substantial loss in trading in shares and derivatives. It held that the AO's reopening of assessment lacked jurisdiction and quashed the tax authorities' orders, allowing the assessee's appeal. The Tribunal emphasized the importance of genuine reasons for reopening assessments and the requirement of collusion proof to impact claims based on broker modifications. The decision underscored adherence to legal standards and evidence-based assessments in tax matters. en-us Wed, 21 Sep 2022 00:00:00 +0530 Sat, 24 Sep 2022 08:21:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428149 The Tribunal ruled in favor of the assessee in a case involving the disallowance of a substantial loss in trading in shares and derivatives. It held that the AO's reopening of assessment lacked jurisdiction and quashed the tax authorities' orders, allowing the assessee's appeal. The Tribunal emphasized the importance of genuine reasons for reopening assessments and the requirement of collusion proof to impact claims based on broker modifications. The decision underscored adherence to legal standards and evidence-based assessments in tax matters. Case-Laws Income Tax Wed, 21 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428149