https://www.taxtmi.com/caselaws?id=771273 Appellate Tribunal (AT) quashed the Income Tax reopening and assessment order due to procedural irregularities. The AO's notice under section 147/148 was found invalid, with inconsistent reasoning about share transactions and long-term capital gains. The tribunal emphasized lack of proper application of mind, highlighting that assessment must align with clear evidence, procedural safeguards, and principles of equity. The assessment order was set aside, and the assessee's appeal was allowed. en-us Tue, 25 Mar 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771273 Appellate Tribunal (AT) quashed the Income Tax reopening and assessment order due to procedural irregularities. The AO's notice under section 147/148 was found invalid, with inconsistent reasoning about share transactions and long-term capital gains. The tribunal emphasized lack of proper application of mind, highlighting that assessment must align with clear evidence, procedural safeguards, and principles of equity. The assessment order was set aside, and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771273