https://www.taxtmi.com/caselaws?id=773301 The HC upheld the tribunal's decision quashing the reopening of assessment under section 147. The assessing officer failed to establish independent reasons to believe income escaped assessment, relying only on a general investigation report that did not specifically name the assessee. The court found jurisdictional errors as the officer used the term "bogus LTCG" without independent consideration of the assessee's return. Additionally, the assessee had not claimed any long-term capital gains or exemptions, treating share transactions as stock-in-trade with business losses rather than capital gains. The revenue's appeal was dismissed. en-us Mon, 16 Jun 2025 00:00:00 +0530 Fri, 20 Jun 2025 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773301 The HC upheld the tribunal's decision quashing the reopening of assessment under section 147. The assessing officer failed to establish independent reasons to believe income escaped assessment, relying only on a general investigation report that did not specifically name the assessee. The court found jurisdictional errors as the officer used the term "bogus LTCG" without independent consideration of the assessee's return. Additionally, the assessee had not claimed any long-term capital gains or exemptions, treating share transactions as stock-in-trade with business losses rather than capital gains. The revenue's appeal was dismissed. Case-Laws Income Tax Mon, 16 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773301