https://www.taxtmi.com/caselaws?id=777057 ITAT KOLKATA - AT held the reopening of assessment under section 147 as invalid and quashed the consequential order. The Tribunal found no failure by the assessee to disclose material facts, noted that losses from derivative transactions were examined in the original s.143(3) assessment, and held the AO relied on borrowed satisfaction from the Investigation Wing without correlating records. The SEBI interim report was publicly available pre-assessment, related to a different year, and did not implicate the assessee's broker; no new tangible material justified reopening. Decision for the assessee. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777057 ITAT KOLKATA - AT held the reopening of assessment under section 147 as invalid and quashed the consequential order. The Tribunal found no failure by the assessee to disclose material facts, noted that losses from derivative transactions were examined in the original s.143(3) assessment, and held the AO relied on borrowed satisfaction from the Investigation Wing without correlating records. The SEBI interim report was publicly available pre-assessment, related to a different year, and did not implicate the assessee's broker; no new tangible material justified reopening. Decision for the assessee. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777057