https://www.taxtmi.com/caselaws?id=754536 ITAT Kolkata held that reopening of assessment under sections 147/148 after four years was invalid. The assessee had declared equity share transactions in the original return, claiming short-term capital gain of Rs. 57,46,787 and paid tax under section 112. The AO failed to record proper reasons for reopening, did not examine the original return, and incorrectly alleged exemption claim under section 10(38). The tribunal found the AO lacked "reason to believe" and merely had "reason to suspect," constituting a change of opinion. The assessment order was declared void ab initio and quashed. The assessee's appeal was allowed. en-us Mon, 24 Jun 2024 00:00:00 +0530 Wed, 26 Jun 2024 08:30:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754536 ITAT Kolkata held that reopening of assessment under sections 147/148 after four years was invalid. The assessee had declared equity share transactions in the original return, claiming short-term capital gain of Rs. 57,46,787 and paid tax under section 112. The AO failed to record proper reasons for reopening, did not examine the original return, and incorrectly alleged exemption claim under section 10(38). The tribunal found the AO lacked "reason to believe" and merely had "reason to suspect," constituting a change of opinion. The assessment order was declared void ab initio and quashed. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754536