https://www.taxtmi.com/caselaws?id=756929 Gujarat HC quashed reopening notice under Section 148 for accommodation entries involving capital gains/losses, unsecured loans, and share premium. Court held that AO had already considered Short Term and Long Term Capital Gains from Kaushal Tradelink Limited during regular assessment. The reopening notice was based on general information from investigation wing without disclosing specific income escapement. AO issued notice without proper application of mind and sanction was granted mechanically. Since the information was already considered during regular assessment, reopening was unjustified. Decided in favor of assessee. en-us Mon, 05 Aug 2024 00:00:00 +0530 Mon, 12 Aug 2024 08:26:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756929 Gujarat HC quashed reopening notice under Section 148 for accommodation entries involving capital gains/losses, unsecured loans, and share premium. Court held that AO had already considered Short Term and Long Term Capital Gains from Kaushal Tradelink Limited during regular assessment. The reopening notice was based on general information from investigation wing without disclosing specific income escapement. AO issued notice without proper application of mind and sanction was granted mechanically. Since the information was already considered during regular assessment, reopening was unjustified. Decided in favor of assessee. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756929