Reassessment on Investigation Wing report without further enquiry was invalid

Mohan Aggarwal Vs ACIT (ITAT Delhi)

Conclusion: Reassessment under section 147 on the basis of report of Investigation Wing without conducting further enquiry on the same was invalid and liable to be set aside.

Held:

AO received information from the Investigation Wing that as per analysis of the data received from the national stock exchange and information provided by stock brokers, assessee had misused the facility of Client Code Modification (CCM

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