https://www.taxtmi.com/caselaws?id=445151 The Delhi HC set aside a reassessment order where the AO reopened assessment based on information from the Investigation Directorate regarding LTCG from share trading. The assessee had explained purchasing shares in one company that was later amalgamated, resulting in receipt of shares in another company which were subsequently sold. The court found the AO failed to examine the original assessment order and the assessee's explanation, instead relying solely on general information received. The AO demonstrated non-application of mind and borrowed satisfaction, failing to connect the information to any non-disclosure by the assessee. The reassessment was decided in favor of the assessee. en-us Thu, 05 Oct 2023 00:00:00 +0530 Wed, 01 Nov 2023 08:48:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445151 The Delhi HC set aside a reassessment order where the AO reopened assessment based on information from the Investigation Directorate regarding LTCG from share trading. The assessee had explained purchasing shares in one company that was later amalgamated, resulting in receipt of shares in another company which were subsequently sold. The court found the AO failed to examine the original assessment order and the assessee's explanation, instead relying solely on general information received. The AO demonstrated non-application of mind and borrowed satisfaction, failing to connect the information to any non-disclosure by the assessee. The reassessment was decided in favor of the assessee. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445151