https://www.taxtmi.com/caselaws?id=776196 HC allowed the appeal and quashed the reassessment notice, holding the AO relied on "borrowed satisfaction" from an insight portal/SEBI material without independent application of mind or verification. The court found the assessee had disclosed speculation profits in the return and regular assessment, and there was no basis to form a reasonable belief of escapement of income beyond the portal information. Reopening was therefore invalid as the AO mechanically relied on third-party data without forming an independent opinion. en-us Mon, 25 Nov 2024 00:00:00 +0530 Mon, 17 Nov 2025 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776196 HC allowed the appeal and quashed the reassessment notice, holding the AO relied on "borrowed satisfaction" from an insight portal/SEBI material without independent application of mind or verification. The court found the assessee had disclosed speculation profits in the return and regular assessment, and there was no basis to form a reasonable belief of escapement of income beyond the portal information. Reopening was therefore invalid as the AO mechanically relied on third-party data without forming an independent opinion. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776196