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AO’s Purchase + Sale Formula Rejected: Reassessment Sent Back for Proper Inquiry
Case Law Details
- Case Name
- Hardik Jagdishbhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Ahmedabad
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Hardik Jagdishbhai Patel Vs ITO (ITAT Ahmedabad)
Purchase + Sale = Income? ITAT Corrects AO’s Approach & Orders Re-Examination- Ex-Parte 147 Overturned: 2.11 Cr Addition on Turnover Struck Down- ITAT Allows Fresh Chance with Full Evidence on Share Trades
Assessee filed ROI declaring Nil income. Assessment was reopened on information that Assessee allegedly received accommodation entries of ₹86,22,817 in shares of Frontline Business Solutions Pvt Ltd & ACI Infocom Ltd. There was total non-compliance during reassessment, & AO, based on NSE data obtained u/s 133(6...
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