https://www.taxtmi.com/caselaws?id=765903 The ITAT Ahmedabad held that the reopening of assessment was invalid in law. The assessee had filed original returns and was assessed after providing all relevant details of derivative business in shares and securities. Despite alleged escaped income of Rs. 5,89,789/- (later claimed as Rs. 12,56,760/-), this amount would not change the net business loss of Rs. 1.8 crores shown in audited accounts. The assessee had not failed to disclose relevant materials before the AO. The tribunal found the reassessment proceedings invalid and decided in favor of the assessee. en-us Mon, 10 Feb 2025 00:00:00 +0530 Tue, 11 Feb 2025 14:22:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765903 The ITAT Ahmedabad held that the reopening of assessment was invalid in law. The assessee had filed original returns and was assessed after providing all relevant details of derivative business in shares and securities. Despite alleged escaped income of Rs. 5,89,789/- (later claimed as Rs. 12,56,760/-), this amount would not change the net business loss of Rs. 1.8 crores shown in audited accounts. The assessee had not failed to disclose relevant materials before the AO. The tribunal found the reassessment proceedings invalid and decided in favor of the assessee. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765903