Reassessment notice invalid if it is merely based on Investigation Wing information

Sandipkumar Parsottambhai Patel Vs ITO (ITAT Surat) We note that in assessees case, the assessing officer received information from the Investigation Wing, Kolkata who had carried out survey / search operations wherein it was established that in large number of penny stock companies share prices were artificially raised/manipulated on the Stock Exchanges in order to book bogus claims of Long Term Capital Gain / Loss. We note that on the basis of the information received from another agency, there cannot be any reassessment proceedings. However, after considering the information/material receiv...