https://www.taxtmi.com/caselaws?id=755223 Gujarat HC quashed reopening notice u/s 147 where AO treated share trading profits as unexplained credit u/s 68. Court held petitioner had fully disclosed all material facts including derivative transactions during original assessment u/s 143(3) for AY 2015-16. The profits were already offered to tax and reflected in books of accounts which were scrutinized. AO relied blindly on information without verifying records or correlating with available material. No fresh tangible material existed to justify reasonable belief that income escaped assessment. Reopening was merely change of opinion, not based on new evidence, hence invalid. en-us Fri, 14 Jun 2024 00:00:00 +0530 Tue, 09 Jul 2024 07:52:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755223 Gujarat HC quashed reopening notice u/s 147 where AO treated share trading profits as unexplained credit u/s 68. Court held petitioner had fully disclosed all material facts including derivative transactions during original assessment u/s 143(3) for AY 2015-16. The profits were already offered to tax and reflected in books of accounts which were scrutinized. AO relied blindly on information without verifying records or correlating with available material. No fresh tangible material existed to justify reasonable belief that income escaped assessment. Reopening was merely change of opinion, not based on new evidence, hence invalid. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755223