https://www.taxtmi.com/caselaws?id=782195 ITAT Kolkata held that the reopening of assessment initiated by notice under s.148 was invalid. The AO had merely reproduced third-party information alleging fictitious loss in equity/derivative trading without recording an independent satisfaction, which is a mandatory precondition for a valid order under s.148A(d). Further, the AO did not record that any escaped income was represented in the form of an asset. Relying on the HC decision in Ratnagiri Gas and Power Pvt. Ltd., ITAT quashed the reassessment proceedings and annulled the s.148 notice. en-us Wed, 30 Jul 2025 00:00:00 +0530 Wed, 26 Nov 2025 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782195 ITAT Kolkata held that the reopening of assessment initiated by notice under s.148 was invalid. The AO had merely reproduced third-party information alleging fictitious loss in equity/derivative trading without recording an independent satisfaction, which is a mandatory precondition for a valid order under s.148A(d). Further, the AO did not record that any escaped income was represented in the form of an asset. Relying on the HC decision in Ratnagiri Gas and Power Pvt. Ltd., ITAT quashed the reassessment proceedings and annulled the s.148 notice. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782195