Reassessment Invalid as AO Had Only ‘Reason to Suspect’ and Not ‘Reason to Believe’ in Bogus LTCG Case

PCIT Vs Pradip Kumar Jajodia HUF (Calcutta High Court) The Calcutta High Court dismissed an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order dated December 30, 2024 passed by the Income Tax Appellate Tribunal, Kolkata Bench, for the assessment year 2016-17. The Court first dealt with an application seeking condonation of delay of 40 days in filing the appeal. Since the delay had been properly explained and the respondent had already been served, the Court condoned the delay and allowed the application. Read SC Judgment in this case: SC Upholds Quash...