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ITAT allowed assessee's appeal challenging reopening of assessment under Section 147 and addition of bogus Long Term Capital Gains. The Tribunal held that Assessing Officer failed to apply independent mind while issuing reopening notice, merely relying on information from Director of Income Tax (Investigation) without forming requisite "reason to believe" that income escaped assessment. Regarding LTCG on penny stocks, ITAT found AO's reliance on SEBI report baseless as the report on JMD Telefilms did not implicate assessee, who held shares for over three years and sold during price decline period. SEBI never issued notice to assessee or broker regarding these transactions. Without specific evidence controverting documentary proof and absent any SEBI inquiry involving assessee, legitimate stock exchange transactions qualified for exemption under Section 10(38). Assessment additions deleted entirely.
ITAT allowed assessee's appeal challenging reopening of assessment under Section 147 and addition of bogus Long Term Capital Gains. The Tribunal held that Assessing Officer failed to apply independent mind while issuing reopening notice, merely relying on information from Director of Income Tax (Investigation) without forming requisite "reason to believe" that income escaped assessment. Regarding LTCG on penny stocks, ITAT found AO's reliance on SEBI report baseless as the report on JMD Telefilms did not implicate assessee, who held shares for over three years and sold during price decline period. SEBI never issued notice to assessee or broker regarding these transactions. Without specific evidence controverting documentary proof and absent any SEBI inquiry involving assessee, legitimate stock exchange transactions qualified for exemption under Section 10(38). Assessment additions deleted entirely.
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