ITAT Bangalore Quashes Reopening Based on Wrong Bogus LTCG Assumption; Deletes Double Addition U/s 68

Poonam Gupta Vs DCIT (ITAT Bangalore)

Reopening Based on Wrong Assumption of Bogus LTCG Quashed – Double Addition u/s 68 Deleted – ITAT Bangalore Allows Assessee’s Appeal

ITAT Bangalore held that reassessment u/s 147 was invalid where the AO reopened the case assuming bogus long-term capital gain from penny stock transactions, despite the assessee having already offered the gain as short-term capital gain and not claiming any exemption u/s 10(38). The assessee had furnished complete eviden

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