https://www.taxtmi.com/highlights?id=84877 HC allowed the petition and set aside the impugned order and notice u/s 148A(b). AO failed to establish that petitioner had received any amount exceeding Rs. 50,00,000/- which escaped assessment. AO is required to form an opinion based on credible information contradicting petitioner's assertion that aggregate transaction value was less than Rs. 50,00,000/-. Merely stating transactions existed without substantiating higher value is insufficient for reopening assessment u/s 147. en-us Wed, 15 Jan 2025 07:36:53 +0530 Wed, 15 Jan 2025 07:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84877 HC allowed the petition and set aside the impugned order and notice u/s 148A(b). AO failed to establish that petitioner had received any amount exceeding Rs. 50,00,000/- which escaped assessment. AO is required to form an opinion based on credible information contradicting petitioner's assertion that aggregate transaction value was less than Rs. 50,00,000/-. Merely stating transactions existed without substantiating higher value is insufficient for reopening assessment u/s 147. Highlights Income Tax Wed, 15 Jan 2025 07:36:53 +0530 https://www.taxtmi.com/highlights?id=84877