No Reassessment on Change of Opinion or Solely on Insight Portal Data: Gujarat HC

Khushboo Anand Bhayani Vs ITO (Gujarat High Court) Gujarat High Court heard the petition filed by Khushboo Anand Bhayani challenging the reassessment notice issued under Section 148 of the Income Tax Act, 1961. The petitioner, who earned income from trading in shares, commodities, and derivatives, had declared a profit of ₹59,19,328 from Futures & Options (F&O) transactions in her profit and loss account. However, the Income Tax Department reopened her assessment for the year 2015-16, citing discrepancies between her declared income and trading volumes recorded in the Insight Portal....