https://www.taxtmi.com/caselaws?id=766709 The Gujarat HC set aside the reassessment notice issued under section 147 for AY 2014-15. The court held that the AO mechanically reopened assessment based solely on information from insight portal without forming independent opinion or considering material on record. The petitioner had fully disclosed all material facts in original return, including F&O trading losses which were accepted during regular assessment under section 143(3). The AO failed to establish any failure by assessee to disclose material facts or provide tangible evidence of income escapement. The reopening was deemed based on change of opinion rather than valid reasons to believe income escaped assessment. en-us Tue, 24 Dec 2024 00:00:00 +0530 Sat, 01 Mar 2025 10:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766709 The Gujarat HC set aside the reassessment notice issued under section 147 for AY 2014-15. The court held that the AO mechanically reopened assessment based solely on information from insight portal without forming independent opinion or considering material on record. The petitioner had fully disclosed all material facts in original return, including F&O trading losses which were accepted during regular assessment under section 143(3). The AO failed to establish any failure by assessee to disclose material facts or provide tangible evidence of income escapement. The reopening was deemed based on change of opinion rather than valid reasons to believe income escaped assessment. Case-Laws Income Tax Tue, 24 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766709