https://www.taxtmi.com/caselaws?id=755681 Reassessment under sections 147 and 148 was found unsustainable where the Assessing Officer relied on Investigation Wing material without independent verification and the recorded reasons were factually incorrect. The reopening rested on alleged fictitious equity and derivative profits, but the disclosed profits were accepted and the belief for reopening was treated as mechanically adopted rather than genuinely formed. The disallowance of share-trading loss also failed because the stated basis for reopening did not survive in the completed assessment, and no adequate material linked the assessee to manipulative trades. The reassessment and resulting additions were set aside. en-us Mon, 15 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:06:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755681 Reassessment under sections 147 and 148 was found unsustainable where the Assessing Officer relied on Investigation Wing material without independent verification and the recorded reasons were factually incorrect. The reopening rested on alleged fictitious equity and derivative profits, but the disclosed profits were accepted and the belief for reopening was treated as mechanically adopted rather than genuinely formed. The disallowance of share-trading loss also failed because the stated basis for reopening did not survive in the completed assessment, and no adequate material linked the assessee to manipulative trades. The reassessment and resulting additions were set aside. Case-Laws Income Tax Mon, 15 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755681