https://www.taxtmi.com/caselaws?id=755288 HC held that reopening assessment under s.147 was invalid because the reasons recorded did not disclose any escaped income. The AO failed to establish any nexus between alleged manipulative reversal trades and the assessee's transactions or to show unassessed income; losses and corresponding profits neutralized each other and no other information indicated undisclosed income. Mere reliance on SEBI and Apex Court observations without specific co-relation with the assessee's trades was insufficient to form a belief of escapement of income. Relief granted to the assessee; reassessment order quashed. en-us Fri, 14 Jun 2024 00:00:00 +0530 Mon, 17 Nov 2025 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755288 HC held that reopening assessment under s.147 was invalid because the reasons recorded did not disclose any escaped income. The AO failed to establish any nexus between alleged manipulative reversal trades and the assessee's transactions or to show unassessed income; losses and corresponding profits neutralized each other and no other information indicated undisclosed income. Mere reliance on SEBI and Apex Court observations without specific co-relation with the assessee's trades was insufficient to form a belief of escapement of income. Relief granted to the assessee; reassessment order quashed. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755288