https://www.taxtmi.com/caselaws?id=764702 Gujarat HC quashed reassessment notice for AY 2015-16 issued based on Project Falcon information regarding alleged non-genuine trading in stock options. Court held AO mechanically reopened assessment without independent application of mind, relying solely on borrowed satisfaction from external sources. Since assessee had disclosed profits from futures and options which were accepted during original assessment, reopening was deemed change of opinion rather than escapement of income. AO failed to form independent opinion after considering material on record, making reassessment invalid. en-us Tue, 24 Dec 2024 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764702 Gujarat HC quashed reassessment notice for AY 2015-16 issued based on Project Falcon information regarding alleged non-genuine trading in stock options. Court held AO mechanically reopened assessment without independent application of mind, relying solely on borrowed satisfaction from external sources. Since assessee had disclosed profits from futures and options which were accepted during original assessment, reopening was deemed change of opinion rather than escapement of income. AO failed to form independent opinion after considering material on record, making reassessment invalid. Case-Laws Income Tax Tue, 24 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764702