https://www.taxtmi.com/caselaws?id=778093 ITAT held the reopening of assessment invalid and quashed the consequential order under section 143(3) r.w.s.147. The tribunal found the AO acted on general portal information without specific, corroborated facts: "reason to believe" requires honest, reasonable grounds and cannot rest on mere suspicion or rumour. The AO failed to verify or correlate portal data with the assessee's records and recorded factually incorrect reasons, as the assessee had only traded in the script of a listed company and disclosed short-term capital gains. Appeal allowed on this legal ground. en-us Tue, 26 Aug 2025 00:00:00 +0530 Wed, 10 Sep 2025 08:39:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778093 ITAT held the reopening of assessment invalid and quashed the consequential order under section 143(3) r.w.s.147. The tribunal found the AO acted on general portal information without specific, corroborated facts: "reason to believe" requires honest, reasonable grounds and cannot rest on mere suspicion or rumour. The AO failed to verify or correlate portal data with the assessee's records and recorded factually incorrect reasons, as the assessee had only traded in the script of a listed company and disclosed short-term capital gains. Appeal allowed on this legal ground. Case-Laws Income Tax Tue, 26 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778093