https://www.taxtmi.com/caselaws?id=764751 Gujarat HC ruled in favor of the assessee in a case involving reopening of assessment for AY 2013-14 regarding F&O trading losses. The court held that the Assessing Officer mechanically reopened assessment without independent opinion, solely relying on information from insight portal and SEBI report. Since the assessee had disclosed F&O losses in the original return which were scrutinized and accepted under section 143(3), the reopening was deemed based on change of opinion rather than escaped income. The court emphasized that borrowed satisfaction without forming independent opinion on material facts cannot justify reassessment proceedings. en-us Tue, 10 Dec 2024 00:00:00 +0530 Thu, 16 Jan 2025 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764751 Gujarat HC ruled in favor of the assessee in a case involving reopening of assessment for AY 2013-14 regarding F&O trading losses. The court held that the Assessing Officer mechanically reopened assessment without independent opinion, solely relying on information from insight portal and SEBI report. Since the assessee had disclosed F&O losses in the original return which were scrutinized and accepted under section 143(3), the reopening was deemed based on change of opinion rather than escaped income. The court emphasized that borrowed satisfaction without forming independent opinion on material facts cannot justify reassessment proceedings. Case-Laws Income Tax Tue, 10 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764751