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Reopening Based on “Reason to Suspect” Is Invalid: ITAT Chennai
Case Law Details
- Case Name
- Aryan Share & Stock Brokers Ltd. Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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Aryan Share & Stock Brokers Ltd. Vs ITO (ITAT Chennai)
Reopening Based on “Reason to Suspect” Is Invalid: ITAT Chennai Quashes Section 147 Proceedings Against Stock Broker
The Chennai Bench of the ITAT allowed the assessee’s appeal for AY 2017-18 and quashed the reopening as well as the consequential reassessment, holding that the Assessing Officer lacked valid “reason to believe” as required under Section 147. The assessee, a SEBI-registered stock broker, was subjected to reassessment on the allegation that it had received bogus accommodation entries of ₹7.15 ...
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