Reopening Beyond 4 Years Invalid; No Independent Enquiry; LTCG Penny Stock Addition u/s 68 Deleted

Hasmukh Ugarchand Gadhecha Vs ITO (ITAT Ahmedabad) Reopening Beyond 4 Years Quashed – Investigation Wing Info Without Independent Enquiry Invalid – LTCG Penny Stock Addition u/s 68 Deleted – ITAT Ahmedabad The assessee’s completed scrutiny assessment u/s 143(3) was reopened after four years alleging bogus LTCG from Sawaca Business Machines Ltd. based on Investigation Wing information relating to accommodation entries. ITAT observed that all primary facts, including exempt LTCG claim, were already examined during original assessment and the AO failed to demonstrate any failure by the as...