https://www.taxtmi.com/caselaws?id=466366 Reopening of assessment for alleged bogus loss arising from client code modification was challenged on factual and evidentiary grounds. The tribunal held that the assessing officer must investigate information received and record substantive findings, including identification of the scrip, broker and counterparties, before treating transactions as income escaping assessment. Absent any evidence of collusion between the assessee, other parties and brokers, and with no details of the executed trades, the reassessment could not be sustained; consequently the assessment order under reassessment provisions was quashed and the appeal allowed in favour of the assessee. en-us Wed, 10 Apr 2024 00:00:00 +0530 Tue, 03 Feb 2026 22:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466366 Reopening of assessment for alleged bogus loss arising from client code modification was challenged on factual and evidentiary grounds. The tribunal held that the assessing officer must investigate information received and record substantive findings, including identification of the scrip, broker and counterparties, before treating transactions as income escaping assessment. Absent any evidence of collusion between the assessee, other parties and brokers, and with no details of the executed trades, the reassessment could not be sustained; consequently the assessment order under reassessment provisions was quashed and the appeal allowed in favour of the assessee. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466366