Reopening of assessment u/s 147 - addition u/s 68 - Merely on an ...

Assessment Reopening and Additions u/ss 147 and 68 Insufficient Without Concrete Evidence of Bogus LTCG Transactions.

April 30, 2021

Case Laws Income Tax AT

Reopening of assessment u/s 147 - addition u/s 68 - Merely on an allegations levelled by DIT (Inv.), as in this case explaining the general modus operandi carried out by un-scrupulous persons in suspected transactions to earn bogus LTCG, can only raise suspicion in the mind of the AO (which fact we have pointed out earlier) which is not sufficient/requirement of law for reopening of assessment. - AT

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Reopening of assessment u/s 147 - addition u/s 68 - Merely on an ...

Assessment Reopening and Additions u/ss 147 and 68 Insufficient Without Concrete Evidence of Bogus LTCG Transactions.

April 30, 2021

Case Laws Income Tax AT

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