https://www.taxtmi.com/caselaws?id=416361 ITAT SURAT held the reopening under s.147 invalid, finding the recorded reasons amounted to mere suspicion not a reason to believe escapement of income and thus quashed reassessment beyond four years. The tribunal further deleted additions under s.68 concerning alleged bogus penny-stock/share transactions, accepting the assessee's bills, contract notes, demat and bank records as genuine and finding no material to support price-rigging or fabricated transactions. Both impugned actions were set aside and the appeals were allowed in favour of the assessee. en-us Mon, 29 Nov 2021 00:00:00 +0530 Mon, 17 Nov 2025 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416361 ITAT SURAT held the reopening under s.147 invalid, finding the recorded reasons amounted to mere suspicion not a reason to believe escapement of income and thus quashed reassessment beyond four years. The tribunal further deleted additions under s.68 concerning alleged bogus penny-stock/share transactions, accepting the assessee's bills, contract notes, demat and bank records as genuine and finding no material to support price-rigging or fabricated transactions. Both impugned actions were set aside and the appeals were allowed in favour of the assessee. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416361