https://www.taxtmi.com/caselaws?id=771110 ITAT Kolkata ruled in favor of the assessee, quashing the reopening of assessment for treating LTCG from share sales as bogus. The court held that the AO lacked valid reasons to believe income had escaped assessment, as no new tangible information emerged beyond what was already on record about share trading. The AO's belief was based on reappreciation of existing facts and examination of company financials, which could have been done during original assessment proceedings. The reopening was deemed bad in law and the consequential assessment order unsustainable. en-us Mon, 30 Dec 2024 00:00:00 +0530 Wed, 21 May 2025 08:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771110 ITAT Kolkata ruled in favor of the assessee, quashing the reopening of assessment for treating LTCG from share sales as bogus. The court held that the AO lacked valid reasons to believe income had escaped assessment, as no new tangible information emerged beyond what was already on record about share trading. The AO's belief was based on reappreciation of existing facts and examination of company financials, which could have been done during original assessment proceedings. The reopening was deemed bad in law and the consequential assessment order unsustainable. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771110