https://www.taxtmi.com/caselaws?id=406033 The Tribunal allowed the appeal against the order of the Commissioner of Income-tax (Appeals) for the assessment year 2013-14. The reassessment proceedings under section 147 were challenged as the addition made on long-term capital gain did not align with the reason for reopening related to penny stocks. Relying on precedents, the Tribunal held that if no addition is made on the reason for reopening, further additions are impermissible. The Tribunal ruled that the addition on long-term capital gain exceeded the scope of reassessment, thus deleting the addition and partially allowing the appeal. en-us Tue, 19 Jan 2021 00:00:00 +0530 Mon, 05 Apr 2021 09:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406033 The Tribunal allowed the appeal against the order of the Commissioner of Income-tax (Appeals) for the assessment year 2013-14. The reassessment proceedings under section 147 were challenged as the addition made on long-term capital gain did not align with the reason for reopening related to penny stocks. Relying on precedents, the Tribunal held that if no addition is made on the reason for reopening, further additions are impermissible. The Tribunal ruled that the addition on long-term capital gain exceeded the scope of reassessment, thus deleting the addition and partially allowing the appeal. Case-Laws Income Tax Tue, 19 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406033