https://www.taxtmi.com/highlights?id=82749 The High Court held that the Assessing Officer (AO) lacked sufficient material or evidence to reopen the assessment u/s 147 for the Assessment Year 2013-14 in respect of transactions involving shares of Cubical. The notice u/s 148A(b) and order u/s 148A(d) failed to demonstrate that the AO possessed books of account, documents, or evidence revealing that the assessee's income from Cubical transactions, treated as capital gains, had escaped assessment. The mere allegation of bogus profits from Cubical shares and the tabular statement reflecting figures did not substantiate that the income was undisclosed or a camouflage. Without concrete evidence suggesting the Cubical transactions were bogus, the amount of Rs. 30,71,263/- could not be inclu..... en-us Mon, 04 Nov 2024 08:12:52 +0530 Mon, 04 Nov 2024 08:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82749 The High Court held that the Assessing Officer (AO) lacked sufficient material or evidence to reopen the assessment u/s 147 for the Assessment Year 2013-14 in respect of transactions involving shares of Cubical. The notice u/s 148A(b) and order u/s 148A(d) failed to demonstrate that the AO possessed books of account, documents, or evidence revealing that the assessee's income from Cubical transactions, treated as capital gains, had escaped assessment. The mere allegation of bogus profits from Cubical shares and the tabular statement reflecting figures did not substantiate that the income was undisclosed or a camouflage. Without concrete evidence suggesting the Cubical transactions were bogus, the amount of Rs. 30,71,263/- could not be inclu..... Highlights Income Tax Mon, 04 Nov 2024 08:12:52 +0530 https://www.taxtmi.com/highlights?id=82749