https://www.taxtmi.com/caselaws?id=789332 Reassessment was invalid where the recorded reasons failed to identify the specific share transaction or scrip and appeared to rely mainly on investigation wing inputs without an independent basis for belief of escapement of income. The reasons also incorrectly stated that no return had been filed, although the return and computation disclosing exempt long-term capital gain were already on record. On these facts, the reopening showed no proper application of mind and could not sustain the reassessment, which was quashed in favour of the assessee. en-us Fri, 06 Mar 2026 00:00:00 +0530 Mon, 06 Apr 2026 16:22:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789332 Reassessment was invalid where the recorded reasons failed to identify the specific share transaction or scrip and appeared to rely mainly on investigation wing inputs without an independent basis for belief of escapement of income. The reasons also incorrectly stated that no return had been filed, although the return and computation disclosing exempt long-term capital gain were already on record. On these facts, the reopening showed no proper application of mind and could not sustain the reassessment, which was quashed in favour of the assessee. Case-Laws Income Tax Fri, 06 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789332