SC Upholds Reassessment Quashing as No Exempt LTCG Was Claimed in Penny Stock

PCIT Vs Nikunj Dhanuka (Supreme Court of India) SC Dismisses Revenue’s Appeal Because Reopening Was Based on Factually Incorrect Information;  SC Affirms That Section 147 Reopening Cannot Stand Without Accurate Material Supporting Exemption Allegations;  SC Refuses to Interfere Because No Exemption Under Section 10(38) Was Claimed in Disputed Scrip;  SC Backs ITAT and High Court Because Revenue Could Not Establish Basis for Penny Stock Reopening The Supreme Court of India dismissed the Special Leave Petition (SLP) filed by the Revenue against the judgment of the Calcutta High Court in...