https://www.taxtmi.com/caselaws?id=764945 The HC held that reopening of assessment u/s 147 was invalid as the AO failed to form an independent reason to believe that income had escaped assessment. The petitioner had fully disclosed share transactions with supporting documents, and the income was already declared and accepted in the original assessment. The AO relied solely on information from the insight portal without verifying the material on record or forming an independent opinion. Consequently, the reopening notice was based on borrowed satisfaction and lacked a valid reason to believe escapement of income. The HC quashed the reopening notice. en-us Tue, 07 Jan 2025 00:00:00 +0530 Mon, 04 Aug 2025 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764945 The HC held that reopening of assessment u/s 147 was invalid as the AO failed to form an independent reason to believe that income had escaped assessment. The petitioner had fully disclosed share transactions with supporting documents, and the income was already declared and accepted in the original assessment. The AO relied solely on information from the insight portal without verifying the material on record or forming an independent opinion. Consequently, the reopening notice was based on borrowed satisfaction and lacked a valid reason to believe escapement of income. The HC quashed the reopening notice. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764945