https://www.taxtmi.com/caselaws?id=462326 Gujarat HC held that reopening of assessment under section 148 was invalid due to inadequate recording of reasons by the Assessing Officer. The court found that the reasons recorded were cryptic and scanty, failing to reveal the nature of transaction, date, and party details. Relying on precedent, the court emphasized that when concluded assessments are revisited, proper recording of reasons constitutes a vested right of the assessee. The AO must harbor specific reasons to believe income escaped assessment, which was not demonstrated here. Decision favored the assessee. en-us Mon, 04 Mar 2024 00:00:00 +0530 Tue, 10 Jun 2025 18:57:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462326 Gujarat HC held that reopening of assessment under section 148 was invalid due to inadequate recording of reasons by the Assessing Officer. The court found that the reasons recorded were cryptic and scanty, failing to reveal the nature of transaction, date, and party details. Relying on precedent, the court emphasized that when concluded assessments are revisited, proper recording of reasons constitutes a vested right of the assessee. The AO must harbor specific reasons to believe income escaped assessment, which was not demonstrated here. Decision favored the assessee. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462326