Insight Portal Alert Not Enough: Tribunal Holds Section 147 Invalid Without Independent Inquiry

ACIT Vs Nita Rastogi (ITAT Delhi) Borrowed Satisfaction- Insight Portal Flag Not Enough—Tribunal Says No Tangible Material, 147 Void Ab Initio Revenue filed appeal against order of CIT(A) quashing reassessment u/s 147 r.w.s.144B. Assessee originally filed return declaring income of Rs.17,06,660/-. AO reopened assessment based on Insight Portal information alleging bogus LTCG of Rs.2,28,22,400/-. In reassessment, AO made addition of Rs.3,55,88,404/- u/s 68 treating entire LTCG on TTK Prestige Ltd shares as fictitious & added 2% commission thereon. Before CIT(A), Assessee demonstrated tha...