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Reopening Beyond 4 Years Invalid; No Independent Enquiry; LTCG Penny Stock Addition u/s 68 Deleted
Case Law Details
- Case Name
- Hasmukh Ugarchand Gadhecha Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Ahmedabad
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Hasmukh Ugarchand Gadhecha Vs ITO (ITAT Ahmedabad)
Reopening Beyond 4 Years Quashed – Investigation Wing Info Without Independent Enquiry Invalid – LTCG Penny Stock Addition u/s 68 Deleted – ITAT Ahmedabad
The assessee’s completed scrutiny assessment u/s 143(3) was reopened after four years alleging bogus LTCG from Sawaca Business Machines Ltd. based on Investigation Wing information relating to accommodation entries. ITAT observed that all primary facts, including exempt LTCG claim, were already examined during original assessment and the AO failed to demonstrate any ...
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