No Tangible Material: Reassessment Invalid; Bogus LTCG Addition Deleted– ITAT Chandigarh

Pawan Garg Vs ITO (ITAT Chandigarh) Reassessment u/s 148 Quashed for Lack of Tangible Material; Bogus LTCG Addition u/s 68 Deleted – ITAT Chandigarh The ITAT Chandigarh allowed the assessee’s appeal for AY 2014-15 & quashed the reassessment proceedings u/s 147/148, holding that the AO lacked any tangible material with live nexus to form a belief that income had escaped assessment. In this case, the assessment was reopened on the basis of generic information uploaded on the Insight Portal alleging that the assessee was a beneficiary of bogus LTCG of ₹61.23 lakh through reputed stocks....