Reopening Based on “Reason to Suspect” Is Invalid: ITAT Chennai

Aryan Share & Stock Brokers Ltd. Vs ITO (ITAT Chennai)

Reopening Based on “Reason to Suspect” Is Invalid: ITAT Chennai Quashes Section 147 Proceedings Against Stock Broker

The Chennai Bench of the ITAT allowed the assessee’s appeal for AY 2017-18 and quashed the reopening as well as the consequential reassessment, holding that the Assessing Officer lacked valid “reason to believe” as required under Section 147. The assessee, a SEBI-registered stock broker, was subjected to reassess

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