LTCG on Penny Stock: ITAT Delhi quashes Reassessment for Vague Reasons & Lack of Nexus

Kavya Satija Vs DCIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Kavya Satija, quashing a reassessment order issued by the Deputy Commissioner of Income Tax (DCIT). The ITAT held that the reassessment proceedings, initiated under Section 147 of the Income Tax Act, 1961, were based on vague and non-specific reasons, lacking the necessary legal foundation. The case, Kavya Satija Vs DCIT, centered on the reassessment of income for the Assessment Year 2013-14, where Ms. Satija had claimed exemption on Long Term Capital Gains (LTCG) from the sale of shares. Backgro...