Reassessment Quashed for Vague Reasons Based on Insight Data: ITAT Ahmedabad  

Kalpanaben Vadilal Shah Vs ITO (ITAT Ahmedabad) Vague Insight Data: ITAT Quashes Reassessment on Unverified Info; Reassessment Void Ab Initio: ITAT Cites AO’s Failure to Verify Data; Bogus LTCG/STCG Reopening: ITAT Rules Vague Reasons Invalidates Assessment Assessee’s reassessment was initiated u/s 147 on the basis of Insight Portal data alleging bogus LTCG/STCG of ₹58.71 lakh in shares of Kushal Tradelink Pvt. Ltd., leading the AO to add ₹1.40 crore u/s 68 as unexplained credits. CIT(A) upheld the addition. Before ITAT, Assessee contended that: The reasons recorded were vague &am...