https://www.taxtmi.com/caselaws?id=446108 The Gujarat HC quashed the reopening of assessment u/s 147, finding the revenue's reasons insufficient. The assessee company had received unsecured loans from directors/shareholders which were thoroughly examined during scrutiny assessment. The petitioner provided complete details of 25 parties and supporting documents establishing genuineness and creditworthiness. The AO's reasons for reopening merely stated the assessee had access to certain individuals and tainted concerns without providing tangible material or establishing any nexus. The court held this constituted impermissible roving inquiry based on suspicion rather than concrete evidence of escaped income, ruling in favor of the assessee. en-us Mon, 25 Sep 2023 00:00:00 +0530 Mon, 16 Feb 2026 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446108 The Gujarat HC quashed the reopening of assessment u/s 147, finding the revenue's reasons insufficient. The assessee company had received unsecured loans from directors/shareholders which were thoroughly examined during scrutiny assessment. The petitioner provided complete details of 25 parties and supporting documents establishing genuineness and creditworthiness. The AO's reasons for reopening merely stated the assessee had access to certain individuals and tainted concerns without providing tangible material or establishing any nexus. The court held this constituted impermissible roving inquiry based on suspicion rather than concrete evidence of escaped income, ruling in favor of the assessee. Case-Laws Income Tax Mon, 25 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446108