U/s 147/148 of IT Act 1961 Uploading of Information Related to Penny Stock (Suspected Long Term Capital Gains/Short Term Capital Loss) In Respect of Assessees for Consideration for Appropriate Actions
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Reopening assessments for penny stock transactions: AIMS listing prompts consideration of actions under income tax reassessment powers. AIMS now contains a validated list of penny stock cases (P1/P2 priority) involving suspected long term capital gains/short term capital losses; tax authorities are directed to examine those listings and consider reopening assessments under section 147/148 pursuant to EFS instructions issued by the Directorate of Income Tax (Systems).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reopening assessments for penny stock transactions: AIMS listing prompts consideration of actions under income tax reassessment powers.
AIMS now contains a validated list of penny stock cases (P1/P2 priority) involving suspected long term capital gains/short term capital losses; tax authorities are directed to examine those listings and consider reopening assessments under section 147/148 pursuant to EFS instructions issued by the Directorate of Income Tax (Systems).
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