Reopening Based on Insight Portal Data Without Independent Opinion Unsustainable

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 ...