https://www.taxtmi.com/caselaws?id=770331 ITAT Mumbai upheld CIT(A)'s order quashing reassessment proceedings under section 148. The AO's reasons to believe were based on vague allegations regarding high-value transactions and fictitious profits in equity/derivative trading without establishing clear nexus with assessee's case. The tribunal found the reasons were conjectural, lacking proper application of mind, and failed to specify nature of escapement or basis for belief. Since recorded reasons didn't provide valid jurisdiction for reopening, the reassessment order was held bad in law. Revenue's appeal was dismissed. en-us Mon, 21 Apr 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770331 ITAT Mumbai upheld CIT(A)'s order quashing reassessment proceedings under section 148. The AO's reasons to believe were based on vague allegations regarding high-value transactions and fictitious profits in equity/derivative trading without establishing clear nexus with assessee's case. The tribunal found the reasons were conjectural, lacking proper application of mind, and failed to specify nature of escapement or basis for belief. Since recorded reasons didn't provide valid jurisdiction for reopening, the reassessment order was held bad in law. Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770331