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AO issued notice u/s 148 based solely on information from Investigation Wing about assessee deriving fictitious profits from trading on BSE in equities and derivatives. HELD: Issuance of notice unjustified, reasons recorded factually wrong. AO adopted alleged fictitious profit figure without verifying basis. No such profit earned by assessee. AO failed to provide working for alleged profit, depriving assessee of opportunity to defend. Initiation of reassessment proceedings based on incorrect facts invalid. AO wrongly rejected assessee's claim of trading loss. Addition deleted. Assessee's appeal allowed.
AO issued notice u/s 148 based solely on information from Investigation Wing about assessee deriving fictitious profits from trading on BSE in equities and derivatives. HELD: Issuance of notice unjustified, reasons recorded factually wrong. AO adopted alleged fictitious profit figure without verifying basis. No such profit earned by assessee. AO failed to provide working for alleged profit, depriving assessee of opportunity to defend. Initiation of reassessment proceedings based on incorrect facts invalid. AO wrongly rejected assessee's claim of trading loss. Addition deleted. Assessee's appeal allowed.
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