https://www.taxtmi.com/caselaws?id=763850 The Gujarat HC quashed reassessment proceedings initiated based on information from an insight portal regarding speculation profit on currency derivatives. The court held that the AO failed to independently verify the material or form an independent opinion that income escaped assessment. The AO mechanically relied on borrowed satisfaction from external sources without considering the assessee's material on record or establishing failure to disclose material facts. The court emphasized that reassessment requires independent application of mind rather than mere reliance on information from other agencies. The proceedings were deemed invalid as the AO did not establish genuine reasons to believe income escaped assessment. en-us Mon, 25 Nov 2024 00:00:00 +0530 Mon, 30 Dec 2024 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763850 The Gujarat HC quashed reassessment proceedings initiated based on information from an insight portal regarding speculation profit on currency derivatives. The court held that the AO failed to independently verify the material or form an independent opinion that income escaped assessment. The AO mechanically relied on borrowed satisfaction from external sources without considering the assessee's material on record or establishing failure to disclose material facts. The court emphasized that reassessment requires independent application of mind rather than mere reliance on information from other agencies. The proceedings were deemed invalid as the AO did not establish genuine reasons to believe income escaped assessment. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763850