Reopening of assessment u/s 147 - penny stock transaction - We ...

Assessment Reopening Upheld for Penny Stock Transaction u/s 147; Assessee Fails to Substantiate Case Effectively.

April 26, 2021

Case Laws Income Tax HC

Reopening of assessment u/s 147 - penny stock transaction - We take the notice of the fact that, the copy of the approval has been provided to the assessee at the stage of passing the order of disposing the objections raised by the assessee. Therefore, it is evident that, in the instant case, the authorities concerned have given approval after due application of mind and expressed their satisfaction with regard to the reasons recoded for reopening of the assessment. - the assessee failed to make out a case. - HC

View Source

← Previous Next →

Reopening of assessment u/s 147 - penny stock transaction - We ...

Assessment Reopening Upheld for Penny Stock Transaction u/s 147; Assessee Fails to Substantiate Case Effectively.

April 26, 2021

Case Laws Income Tax HC

You may also like:

Reopening of assessment u/s 147 - Unexplained cash credit - penny stock purchases - AO was aware of the fact that the script of Shreenath was allegedly a penny stock...

Reopening of assessment u/s 147 - Penny stock transaction of assessee - the copy of the approval has been provided to the assessee at the stage of passing the order of...

Reopening of assessment u/s 147 - undisclosed LTCG - when the information was specific with regard to transactions of penny stock entered into by the assessee, and the...

The crux of the matter revolves around the reopening of assessment u/s 147 of the Act and the addition made u/s 68 treating the share application received as a...

Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

The case pertains to the reopening of assessment u/s 147/148 of the Income Tax Act due to undisclosed cash deposits in the assessee's bank accounts. The key points are:...

Reopening of assessment u/s 147 - reopening after expiry of four years - Original assessment have been passed under section 143(3) on Dated 14.12.2011 and A.O. recorded...

The ITAT, an Appellate Tribunal, addressed the validity of reopening assessment u/s 147 and addition u/s 68. The AO had sufficient material to believe the assessee...

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

Reopening of assessment u/s 147 - Reasons were supplied to the assessee only on 21.11.2017 and assessee on the same day filed the objections to the reopening of the...

Reopening of assessment u/s 147 - Penny stock transaction - It is settled law that sufficiency or adequacy of the reasons for the issuance of the notice for reopening of...

Reopening of assessment u/s 147 - penny stock purchases - “new ground” v/s “new reasons” - We take the notice of the fact that, the copy of the approval has been...

The High Court held that the Assessing Officer (AO) lacked sufficient material or evidence to reopen the assessment u/s 147 for the Assessment Year 2013-14 in respect of...

Reopening of assessment u/s 147 - the assessee was aware that the transaction with M/s. Kalyan Exports Pvt Ltd was not business transaction but in the form of bogus...

Quick Updates: