Reassessment cannot be based merely on suspicion or unverified information

Alosha Marketing Pvt Ltd Vs ACIT (ITAT Kolkata) In the case of Alosha Marketing Pvt Ltd vs ACIT (ITAT Kolkata), the appeal was filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 29th January 2024, for the assessment year 2011-12. The primary issues raised in the appeal were twofold: first, challenging the validity of the reassessment under section 147 of the Income Tax Act, and second, contesting the disallowance of a loss amounting to Rs. 29,90,203 incurred from the purchase and sale of equity shares. The c...