https://www.taxtmi.com/caselaws?id=451108 The Bombay HC quashed the AO's reopening notice for lack of valid reason to believe income escaped assessment. The AO failed to provide evidence supporting allegations of hawala/accommodation entries despite petitioner's explanations showing legitimate jewellery transactions through banking channels with proper disclosure in wealth tax returns. Regarding liquidated damages from equity shares, the petitioner had disclosed the treatment in original returns, responded to AO's queries, and the assessment was completed accepting returned income. The court held the AO must satisfy jurisdictional requirements with proper evidence before reopening, which was not done here. en-us Thu, 14 Mar 2024 00:00:00 +0530 Wed, 20 Mar 2024 09:20:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451108 The Bombay HC quashed the AO's reopening notice for lack of valid reason to believe income escaped assessment. The AO failed to provide evidence supporting allegations of hawala/accommodation entries despite petitioner's explanations showing legitimate jewellery transactions through banking channels with proper disclosure in wealth tax returns. Regarding liquidated damages from equity shares, the petitioner had disclosed the treatment in original returns, responded to AO's queries, and the assessment was completed accepting returned income. The court held the AO must satisfy jurisdictional requirements with proper evidence before reopening, which was not done here. Case-Laws Income Tax Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451108