Addition on grounds not forming part of reasons recorded for reopening of assessment not tenable

Amey Pravinbhai Brahmbhatt Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that addition on grounds other than grounds forming part of reasons recorded for reopening of assessment not justified. Accordingly, addition towards unexplained investment which didn’t form part of reasons liable to be deleted.

Facts- The return of income was filed declaring income of Rs.3,87,630/-. Subsequently, an information was received by the AO that the assessee had made share transactions of Rs.49,10,402/- in penny stock scrip, namely M/s. Swarna Sarita Gems Ltd., and that the a

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