https://www.taxtmi.com/caselaws?id=764644 Delhi HC set aside assessment reopening order u/s 147 where AO failed to establish income escaping assessment exceeded Rs. 50 lakh threshold. Petitioner claimed transactions with entities totaled Rs. 66.44 lakh, asserting amounts were profit on share sales already surrendered to tax. Court held AO must form informed opinion based on credible information after considering assessee's response u/s 148A. Revenue failed to produce documents contradicting petitioner's ledger accounts showing actual transaction values. AO cannot proceed with reopening without material evidence supporting income escapement above statutory threshold. en-us Fri, 10 Jan 2025 00:00:00 +0530 Wed, 15 Jan 2025 07:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764644 Delhi HC set aside assessment reopening order u/s 147 where AO failed to establish income escaping assessment exceeded Rs. 50 lakh threshold. Petitioner claimed transactions with entities totaled Rs. 66.44 lakh, asserting amounts were profit on share sales already surrendered to tax. Court held AO must form informed opinion based on credible information after considering assessee's response u/s 148A. Revenue failed to produce documents contradicting petitioner's ledger accounts showing actual transaction values. AO cannot proceed with reopening without material evidence supporting income escapement above statutory threshold. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764644