https://www.taxtmi.com/caselaws?id=754766 HC held that reopening under s.147 was invalid. The petitioner had acquired shares via IPO, dematerialized them, and during assessment furnished sale bills, ledger and computation supporting long-term capital gains claimed exempt under s.10(38). The AO relied on information from DDIT but the reasons recorded showed no live link or fresh material and amounted to borrowed satisfaction without independent application of mind. Matter decided in favour of the petitioner. en-us Tue, 11 Jun 2024 00:00:00 +0530 Mon, 01 Sep 2025 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754766 HC held that reopening under s.147 was invalid. The petitioner had acquired shares via IPO, dematerialized them, and during assessment furnished sale bills, ledger and computation supporting long-term capital gains claimed exempt under s.10(38). The AO relied on information from DDIT but the reasons recorded showed no live link or fresh material and amounted to borrowed satisfaction without independent application of mind. Matter decided in favour of the petitioner. Case-Laws Income Tax Tue, 11 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754766