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Addition not sustained as source of funds for purchasing crypto currency explained
Case Law Details
- Case Name
- Primit Shambhuprasad Purani Vs ITO (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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Primit Shambhuprasad Purani Vs ITO (Gujarat High Court)
Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act is liable to be quashed in as much as source of funds for purchasing crypto currency duly explained. Accordingly, order quashed.
Facts- The respondent AO issued notice u/s. 148A(b) of the Income Tax Act on 17.03.2022 on the ground that the petitioner has purchased crypto currency amounting to Rs. 19,00,000/- during the year under consideration and has failed to explain the source of investment before DDIT (Investigation). Notably,...
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