https://www.taxtmi.com/caselaws?id=754217 The Bombay HC quashed a reassessment notice u/s 148 for lack of valid reason to believe. The petitioner's loss was already disclosed in the return for AY 2017-18 and accepted by the AO under s.143(1). The court held that mere flagging of transactions as "high risk" in the insight portal without establishing a live link between the information and belief that income escaped assessment was insufficient. The CBDT directive to examine flagged cases cannot alone constitute grounds for reopening assessment. The reassessment order was self-contradictory and failed to satisfy requirements of s.147, making the notice unsustainable. en-us Wed, 12 Jun 2024 00:00:00 +0530 Thu, 30 Apr 2026 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754217 The Bombay HC quashed a reassessment notice u/s 148 for lack of valid reason to believe. The petitioner's loss was already disclosed in the return for AY 2017-18 and accepted by the AO under s.143(1). The court held that mere flagging of transactions as "high risk" in the insight portal without establishing a live link between the information and belief that income escaped assessment was insufficient. The CBDT directive to examine flagged cases cannot alone constitute grounds for reopening assessment. The reassessment order was self-contradictory and failed to satisfy requirements of s.147, making the notice unsustainable. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754217