No Fresh Evidence available with AO Supporting Income Escapement Claim against Stock Market Trader: Gujarat HC quashes Income Tax Reassessment Notice [Read Order]

The High Court deemed the income tax reassessment notice unjustified and without jurisdiction, citing it as a mere change of opinion
The income tax reassessment notice - stock market trader - Income Escapement Claim - Gujarat HC - Claim against Stock Market - No Fresh Evidence available - AO Supporting - taxscan

The income tax reassessment notice against the stock market trader was quashed by the Gujarat High Court as the Assessing Officer lacked fresh tangible evidence for supporting the income escapement claim out of his profit of Rs. 5 crores.  The bench of Justices Bhargav D. Karia and Niral R. Meta observed that “It appears that…

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