https://www.taxtmi.com/caselaws?id=758240 The Bombay HC allowed the petition challenging reassessment proceedings initiated by the AO. The court held that the AO's reason for reopening - that other forex dealers in Goa had average gross profit of 0.5% versus assessee's 0.05% - was not a fresh fact but merely a change of opinion on existing information. Regarding large cash deposits allegedly made without proper KYC documentation, the court found the AO should have sought explanations during original assessment proceedings rather than reopening. The court emphasized that while AO's belief sufficiency isn't for judicial review, the assessee can establish lack of bona fide belief or reliance on vague information. The reassessment was deemed reviewable rather than based on escaped income, making it impermissible under law. en-us Wed, 28 Aug 2024 00:00:00 +0530 Mon, 09 Sep 2024 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758240 The Bombay HC allowed the petition challenging reassessment proceedings initiated by the AO. The court held that the AO's reason for reopening - that other forex dealers in Goa had average gross profit of 0.5% versus assessee's 0.05% - was not a fresh fact but merely a change of opinion on existing information. Regarding large cash deposits allegedly made without proper KYC documentation, the court found the AO should have sought explanations during original assessment proceedings rather than reopening. The court emphasized that while AO's belief sufficiency isn't for judicial review, the assessee can establish lack of bona fide belief or reliance on vague information. The reassessment was deemed reviewable rather than based on escaped income, making it impermissible under law. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758240