Follow Us:
  2. Income Tax
  3. Featured

Mere Investigation Wing Alert Is Not ‘Reason to Believe’: ITAT Quashes Penny Stock Reopening

Case Law Details

Case Name : ACIT Vs Shiv Kumar Gupta (ITAT Delhi)
Related Assessment Year : 2013-14
Courts : All ITAT ITAT Delhi
Become a Premium member to Download. If you are already a Premium member, Login here to access.
ACIT Vs Shiv Kumar Gupta (ITAT Delhi) Delhi ITAT Quashes Penny Stock Reopening: Mere Investigation Wing Alert Is Not ‘Reason to Believe’ The Delhi ITAT quashed a reassessment initiated against an assessee who had claimed exempt LTCG under Section 10(38), holding that a generic alert from the Investigation Wing regarding penny stock transactions cannot justify reopening unless there is a live nexus between the material and the alleged escapement of income. The reassessment was triggered on the basis of information received from the Investigation Wing that certain penny stocks were allegedly...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.

Tags:

Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer.

Author Bio

Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 5443
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

ITAT Bangalore: Mere Write-off of Bad Debt is Sufficient After TRF Ltd.; AO Must Verify Only Section 36(2) Conditions ITAT Lucknow: Ad Hoc Disallowance Without Pinpointing Defects Unsustainable; GST/TDS Late Fee Held Compensatory and Remanded for Fresh Examination ITAT Raipur: Bogus LTCG Addition on Penny Stock Cannot Survive Without Evidence Linking Assessee to Price Manipulation or Entry Operators ITAT Raipur: Assessee Cannot Be Denied Section 115BAB Benefit Due to Department’s Internal Allocation of Appeal Between JCIT(A) and CIT(A) CIT(A) Must Decide Jurisdiction Before Remanding Reassessment to AO: ITAT Raipur View More Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Posts

View All Posts

Featured Posts

View All Featured Posts

Popular Posts

Search Post by Date
July 2026
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031