Calcutta HC Dismisses Appeal; ITAT Invalidates Reassessment for Reported Transaction

PCIT Vs Fountain Vanijya Pvt Limited (Calcutta High Court) In the case of PCIT Vs Fountain Vanijya Pvt Ltd, the Calcutta High Court addressed an appeal challenging the ITAT’s decision to invalidate a reassessment under the Income Tax Act. The revenue argued that the ITAT wrongly quashed the reopening of the assessment for the assessment year 2012-13, which was based on the alleged bogus long-term capital gains from the sale of penny stocks. The revenue contended that the gains, amounting to ₹88,73,135 from Aagam Capital Limited, were not genuine and that the Assessing Officer correctly...