https://www.taxtmi.com/highlights?id=96120 Reopening under section 147 hinged on whether the AO had independent "reasons to believe" or merely adopted borrowed satisfaction from the Insight Portal; the Tribunal found no nexus between materials on record and the information relied upon, holding the AO failed to apply independent mind, so the re-opening was invalid-reassessment order under section 147 quashed. Because the foundational notice was quashed, the Tribunal declined to decide the substantive allegation of bogus long-term capital gains, resulting in a decision for the assessee. - ITAT en-us Sat, 17 Jan 2026 11:53:18 +0530 Sat, 17 Jan 2026 11:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96120 Reopening under section 147 hinged on whether the AO had independent "reasons to believe" or merely adopted borrowed satisfaction from the Insight Portal; the Tribunal found no nexus between materials on record and the information relied upon, holding the AO failed to apply independent mind, so the re-opening was invalid-reassessment order under section 147 quashed. Because the foundational notice was quashed, the Tribunal declined to decide the substantive allegation of bogus long-term capital gains, resulting in a decision for the assessee. - ITAT Highlights Income Tax Sat, 17 Jan 2026 11:53:18 +0530 https://www.taxtmi.com/highlights?id=96120