Reopening of assessment u/s 147 based on information received by AO justified

DCIT Vs Ramesh Kumar Jain (ITAT Mumbai) ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act based on information received by AO from DDIT (investigation) justified subject to fulfilment of conditions as envisaged u/s 147/148. Facts- On the basis of information received from DGIT (Investigation) that the assessee has traded in penny stock scrip M/s. Global Capital Market Ltd, and has sold shares worth Rs.53,60,000, proceedings u/s. 147 of the Act were initiated and notice u/s. 148 of the Act was issued. On the basis of the aforesaid information, it was alleged ...