Adverse view against innocent regular investor due to misuse of some person to rig certain shares is unjustified

ITO Vs Ronak Iqbal Lakhani (ITAT Mumbai) ITAT Mumbai held that merely because some person misused the share market to rig certain shares in the share market, adverse view against innocent regular investor is unjustifiable and unsustainable in law. Facts- AO issued notice u/s 148 of the Act vide notice dated 3 1.03.2019 (time barring last date of six (6) years). The AO has resorted to re-open on the basis of report from the DDIT(Inv.) that the assessee during the year under consideration has transacted penny-stock/scrip of M/s. VAS Infrastructure Ltd. (M/s. VAS). AO noted that the assessee has ...