Reopening Invalid Without Independent Material Showing Escapement: Gujarat HC

R.D. Diamond Vs ITO (Gujarat High Court) Reopening u/s 147 held invalid where based solely on third-party information and portal data without independent material showing escapement of income—amounting to mere suspicion and fishing inquiry The Special Leave Petition in Income Tax Officer Ward 2(3)(4) Surat vs M/s R.D. Diamond (SLP (C) No. 15400/2026) was dismissed by the Supreme Court on 27 April 2026. Read SC Judgment in this case: SC Declines Reassessment Revival as Income & Transactions Were Fully Disclosed in ITR Core Issue: The core issue before the Gujarat High Court, later affirm...