https://www.taxtmi.com/caselaws?id=470256 Reassessment based on alleged manipulated share transactions lacks a factual foundation where the taxpayer's recorded transaction is an intraday trade generating taxable business profit rather than bogus long-term capital gains, short-term capital losses, or business losses. Where the intraday profit has been offered to tax and the escaped-income threshold recorded for reopening is not met, the stated reasons do not support reopening. On these facts, the reassessment was quashed in favour of the taxpayer. en-us Fri, 27 Sep 2024 00:00:00 +0530 Tue, 21 Jul 2026 19:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470256 Reassessment based on alleged manipulated share transactions lacks a factual foundation where the taxpayer's recorded transaction is an intraday trade generating taxable business profit rather than bogus long-term capital gains, short-term capital losses, or business losses. Where the intraday profit has been offered to tax and the escaped-income threshold recorded for reopening is not met, the stated reasons do not support reopening. On these facts, the reassessment was quashed in favour of the taxpayer. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470256