The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has set aside a reassessment initiated under Sections 147/148 of the Income-tax Act, 1961, holding that reopening based solely on generalized “high-risk transaction” inputs from the Insight Portal, without specific linkage or independent inquiry, is legally unsustainable. The bench of Dr. B.R.R. Kumar (Vice-President) and TR Senthil…
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