When AO Relies Blindly on Old Penny-Stock Data, Reopening Cannot Stand

Ajay Gupta Vs ITO (ITAT Delhi) When AO Relies Blindly on Old Penny-Stock Data, Reopening Cannot Stand—ITAT Quashes 147 & Deletes Sec.68 Addition-No Link With Entry Operator, No Fault in Merger-Based Shares—ITAT Delhi Dismantles Entire Bogus LTCG Theory Assessee declared exempt LTCG of Rs.1,77,59,716/- u/s 10(38) from sale of shares of Yamini Investments Company Ltd. (YICL). He had originally purchased shares of Fidelo Power & Infrastructure Ltd. (FPIL) in May 2014 through cheque, got them dematerialized, & subsequently received YICL shares after FPIL amalgamated with YICL throu...