https://www.taxtmi.com/caselaws?id=755923 Gujarat HC held that reopening of assessment under section 148 was invalid where revenue alleged income from commodity trading escaped assessment. Court found that petitioner had already submitted contract notes and bank statements showing the disputed income was reflected in returns. The ledger account confirmed income was properly disclosed. Revenue's contention that profit from commodity exchange transactions was not reflected in return was factually incorrect. The notice under section 148 and rejection of objections demonstrated non-application of mind by revenue authorities, making the reopening proceedings legally unsustainable. Decision favored assessee. en-us Mon, 08 Jul 2024 00:00:00 +0530 Tue, 23 Jul 2024 08:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755923 Gujarat HC held that reopening of assessment under section 148 was invalid where revenue alleged income from commodity trading escaped assessment. Court found that petitioner had already submitted contract notes and bank statements showing the disputed income was reflected in returns. The ledger account confirmed income was properly disclosed. Revenue's contention that profit from commodity exchange transactions was not reflected in return was factually incorrect. The notice under section 148 and rejection of objections demonstrated non-application of mind by revenue authorities, making the reopening proceedings legally unsustainable. Decision favored assessee. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755923