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Assessment Reopening Quashed Due to Defective Reasons and Roving Inquiry
Case Law Details
- Case Name
- Sapna Nainesh Jatania Vs ITO (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Rajkot
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Sapna Nainesh Jatania Vs ITO (ITAT Rajkot)
Reopening Quashed: Reasons Show Only Verification & Borrowed Satisfaction- Wrong Facts, No Enquiry: Tribunal Strikes Down Verification-Based Reopening
Assessee’s appeals for AYs 2011-12 & 2012-13 involved additions of Rs.8,60,444 treating penny-stock sale proceeds of Gemstone Investment Ltd as unexplained u/s 69 pursuant to reassessment u/s 147 r.w.s 144. CIT(A)/NFAC had remanded the case to AO without deciding Assessee’s jurisdictional ground against reopening.
Tribunal first condoned 55-day delay after finding the affidavit explanation r...
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