https://www.taxtmi.com/caselaws?id=755681 ITAT Jaipur quashed the reassessment notice issued under sections 147 and 148, ruling that the AO unjustifiably relied solely on Investigation Wing information alleging fictitious trading profits without proper verification. The tribunal found the recorded reasons factually incorrect, noting the AO failed to substantiate the claimed fictitious profit of Rs. 51,47,700 or provide working details of alleged trading irregularities. The court held that reassessment proceedings based on wrong or incorrect facts are invalid under law. The addition made by rejecting the assessee's share trading loss claim was deleted, and the appeal was allowed. 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 ITAT Jaipur quashed the reassessment notice issued under sections 147 and 148, ruling that the AO unjustifiably relied solely on Investigation Wing information alleging fictitious trading profits without proper verification. The tribunal found the recorded reasons factually incorrect, noting the AO failed to substantiate the claimed fictitious profit of Rs. 51,47,700 or provide working details of alleged trading irregularities. The court held that reassessment proceedings based on wrong or incorrect facts are invalid under law. The addition made by rejecting the assessee's share trading loss claim was deleted, and the appeal was allowed. Case-Laws Income Tax Mon, 15 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755681