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Reopening Based on Insight Portal Data Without Independent Opinion Unsustainable
Case Law Details
- Case Name
- Ashvin Dye-Chem Industries Vs ITO (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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Ashvin Dye-Chem Industries Vs ITO (Gujarat High Court)
Gujarat High Court held that re-opening of assessment solely relying upon information made available on the insight portal, without forming any independent opinion, is unsustainable in law and hence liable to be quashed.
Facts- The Petitioner is a partnership firm, during the year under consideration, entered into certain transactions in Futures & Options which resulted into loss of Rs.41,56,218/- and such loss is duly reflected in the Profit & Loss Such transactions were carried out through the broker namely “ASE Capital ...
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