No Retrospective Remand: ITAT Scraps CIT(A)’s Order in Bogus LTCG Case for Wrongly Invoking New Law

Sanjay Jayantilal Shah Vs ITO (ITAT Ahmedabad) CIT(A)’s Remand Power Checked – ITAT Sends Appeal Back for Full Disposal- ITAT Rules Against Mechanical Remand in Stock Gains Case- Decision Must Be on Merits ITAT Ahmedabad Assessee filed a return declaring income of ₹17.25 lakh and claimed exempt Long-Term Capital Gain (LTCG) of ₹1.02 crore u/s 10(38) on sale of shares of Looks Health Services Ltd. Based on Investigation Wing input identifying Looks Health as a penny-stock scrip used for accommodation entries, AO reopened assessment u/s 147 by notice dated 30-03-2021. During reassess...