AO’s Purchase + Sale Formula Rejected: Reassessment Sent Back for Proper Inquiry

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), treated the en...