https://www.taxtmi.com/caselaws?id=470256 Reassessment based on alleged manipulated share transactions lacked a valid factual foundation where the assessee's records showed only an intraday share trade producing taxable business profit already offered to tax. The recorded reasons assumed bogus long-term capital gains, short-term capital losses, or business losses and stated that escaped income exceeded the prescribed monetary threshold. As none of those transaction types existed and the recorded threshold was not met, the stated basis for reopening failed. The notes state that the reassessment was quashed in favour of the assessee. 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 lacked a valid factual foundation where the assessee's records showed only an intraday share trade producing taxable business profit already offered to tax. The recorded reasons assumed bogus long-term capital gains, short-term capital losses, or business losses and stated that escaped income exceeded the prescribed monetary threshold. As none of those transaction types existed and the recorded threshold was not met, the stated basis for reopening failed. The notes state that the reassessment was quashed in favour of the assessee. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470256