ITAT Kolkata Quashes Reopening Due to Vague Reasons & Mechanical Approval

Anju Daruka Vs ITO (ITAT Kolkata) ITAT Kolkata held that reopening of assessment is invalid since reasons recorded are vague and scanty and PCIT has granted approval in mechanical manner. Accordingly, reopening of assessment is liable to be quashed. Facts- The case of the assessee was reopened u/s 147 of the Act by issuing notice u/s 148 of the Act on 05.02.2019, after AO received information form DIT investigation, Kolkata that assessee is a beneficiary of accommodation entries of bogus long term capital gain. AO observed that the assessee has shown Long Term Capital Gain from sale of 6,400/-...