ITAT Bangalore Quashes Reopening Based on Wrong Bogus LTCG Assumption; Deletes Double Addition U/s 68

Poonam Gupta Vs DCIT (ITAT Bangalore) Reopening Based on Wrong Assumption of Bogus LTCG Quashed – Double Addition u/s 68 Deleted – ITAT Bangalore Allows Assessee’s Appeal ITAT Bangalore held that reassessment u/s 147 was invalid where the AO reopened the case assuming bogus long-term capital gain from penny stock transactions, despite the assessee having already offered the gain as short-term capital gain and not claiming any exemption u/s 10(38). The assessee had furnished complete evidences such as Demat statements, contract notes, and bank records proving genuine delivery-based transa...