https://www.taxtmi.com/caselaws?id=438111 HC upheld AO's s.148 notice and dismissed the challenge to reopening under s.147. The AO had cogent, contemporaneous reasons to believe income had escaped assessment-prima facie findings of insider trading between promoter family members in sale of shares and disallowance of claimed long-term capital gains exemption u/s 10(38)-justifying reassessment for the AY. The Court found a strong foundation for invoking reassessment powers and held the notice to reopen the assessment to be valid, decision against the assessee. en-us Fri, 05 May 2023 00:00:00 +0530 Tue, 18 Nov 2025 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438111 HC upheld AO's s.148 notice and dismissed the challenge to reopening under s.147. The AO had cogent, contemporaneous reasons to believe income had escaped assessment-prima facie findings of insider trading between promoter family members in sale of shares and disallowance of claimed long-term capital gains exemption u/s 10(38)-justifying reassessment for the AY. The Court found a strong foundation for invoking reassessment powers and held the notice to reopen the assessment to be valid, decision against the assessee. Case-Laws Income Tax Fri, 05 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438111