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No Tangible Material: Reassessment Invalid; Bogus LTCG Addition Deleted– ITAT Chandigarh
Case Law Details
- Case Name
- Pawan Garg Vs ITO (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Chandigarh
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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 throug...
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