ITAT Mumbai Restores Reassessment in Bogus Share Gain Case

Pooja Oberoi Vs DCIT (ITAT Mumbai) Justice over technicalities – ITAT Mumbai sends back bogus share gain case for fresh hearing- Reasons for reopening must be furnished – Assessee gets another chance- Reassessment in alleged bogus share transactions restored : Non-Supply of Reasons & Pandemic delay entitle assessee to fresh opportunity; Penalty u/s 271AAC Quashed In a recent ruling, the Mumbai ITAT delivered significant relief to assessee in respect of reassessment proceedings initiated on alleged bogus share transactions. Assessee had originally filed her return declaring an income of...