Case Law Details
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) provided to the stock brokers to avail contrived loss. Accordingly, AO reopened assessment and made addition. Since in the instant case, action had been taken us/ 147 after completion of the assessment u/s 153 A/ 143 (3) on the basis of report of the Investigation Wing and AO had not conducted any enquiry on the same, therefore, reassessment proceedings initiated were not in accordance with law.
FULL TEXT OF THE ITAT JUDGEMENT
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