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Insight Portal Alert Not Enough: Tribunal Holds Section 147 Invalid Without Independent Inquiry
Case Law Details
- Case Name
- ACIT Vs Nita Rastogi (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Nita Rastogi (ITAT Delhi)
Borrowed Satisfaction- Insight Portal Flag Not Enough—Tribunal Says No Tangible Material, 147 Void Ab Initio
Revenue filed appeal against order of CIT(A) quashing reassessment u/s 147 r.w.s.144B. Assessee originally filed return declaring income of Rs.17,06,660/-. AO reopened assessment based on Insight Portal information alleging bogus LTCG of Rs.2,28,22,400/-. In reassessment, AO made addition of Rs.3,55,88,404/- u/s 68 treating entire LTCG on TTK Prestige Ltd shares as fictitious & added 2% commission thereon.
Before CIT(A), Assessee...
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