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When AO Relies Blindly on Old Penny-Stock Data, Reopening Cannot Stand
Case Law Details
- Case Name
- Ajay Gupta Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Ajay Gupta Vs ITO (ITAT Delhi)
When AO Relies Blindly on Old Penny-Stock Data, Reopening Cannot Stand—ITAT Quashes 147 & Deletes Sec.68 Addition-No Link With Entry Operator, No Fault in Merger-Based Shares—ITAT Delhi Dismantles Entire Bogus LTCG Theory
Assessee declared exempt LTCG of Rs.1,77,59,716/- u/s 10(38) from sale of shares of Yamini Investments Company Ltd. (YICL). He had originally purchased shares of Fidelo Power & Infrastructure Ltd. (FPIL) in May 2014 through cheque, got them dematerialized, & subsequently received YICL shares after FPIL amalgamate...
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