Reopening Quashed for Borrowed Satisfaction – LTCG on Shares Cannot Be Taxed u/s 68

S K Hisaria HUF Vs ITO (ITAT Ahmedabad) Reopening Quashed for Borrowed Satisfaction – LTCG on Shares Cannot Be Taxed u/s 68 The Ahmedabad Bench of the Income Tax Appellate Tribunal allowed the assessee-HUF’s appeals for AYs 2017-18 and 2018-19, holding that the reassessment proceedings initiated under section 147 were invalid for lack of independent application of mind by the Assessing Officer. The reassessment was triggered solely on the basis of information received from the Insight Portal alleging accommodation entries in the form of bogus long-term capital gains from shares of M/s...