https://www.taxtmi.com/caselaws?id=769571 ITAT Ahmedabad quashed reassessment proceedings u/s 147 where AO reopened assessment to treat genuine sale consideration as unexplained money u/s 69A, despite assessee declaring it as Long Term Capital Gain and claiming exemption u/s 10(38) in original return. Tribunal held AO's reasons were based on "borrowed satisfaction" from Investigation Wing without independent application of mind or verification of records. Relying on Mumtaz Haji case, reassessment notice was invalid as AO failed to record independent reasons for income escapement after verifying facts. Reassessment order quashed and assessee's appeal allowed. en-us Fri, 25 Apr 2025 00:00:00 +0530 Mon, 28 Apr 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769571 ITAT Ahmedabad quashed reassessment proceedings u/s 147 where AO reopened assessment to treat genuine sale consideration as unexplained money u/s 69A, despite assessee declaring it as Long Term Capital Gain and claiming exemption u/s 10(38) in original return. Tribunal held AO's reasons were based on "borrowed satisfaction" from Investigation Wing without independent application of mind or verification of records. Relying on Mumtaz Haji case, reassessment notice was invalid as AO failed to record independent reasons for income escapement after verifying facts. Reassessment order quashed and assessee's appeal allowed. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769571