ITAT Chandigarh holds that re-opening under Section 147 requires more than portal data; AO must possess concrete material to form belief of escaped income.
ITAT Bangalore rules that cost of improvement in capital gains computation cannot be disallowed merely for lack of documents. Assessing Officer must verify claims through valuation.
ITAT holds that reassessment proceedings under Section 148 are barred if escaped income is below ₹50 lakh and notice issued after March 31, 2021, for AY 2014-15. Key limitation rule clarified.
ITAT holds that reopening under Section 147 requires tangible material linking income escapement to the assessment year; mere information from investigation wing is insufficient.