https://www.taxtmi.com/caselaws?id=423001 The ITAT dismissed the appeal, upholding the orders of the CIT(A) and the AO regarding the reopening of assessment under section 147. The court emphasized the AO's prima facie belief of income escaping assessment based on information from the Investigation Wing. The appellant failed to provide evidence countering the AO's decision, leading to the affirmation of the reopening. Additionally, the court upheld disallowance of Long Term Capital Gains and additions of sale proceeds due to lack of evidence and involvement of banned brokers and non-registered entities in the transactions. en-us Fri, 01 Apr 2022 00:00:00 +0530 Thu, 26 May 2022 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423001 The ITAT dismissed the appeal, upholding the orders of the CIT(A) and the AO regarding the reopening of assessment under section 147. The court emphasized the AO's prima facie belief of income escaping assessment based on information from the Investigation Wing. The appellant failed to provide evidence countering the AO's decision, leading to the affirmation of the reopening. Additionally, the court upheld disallowance of Long Term Capital Gains and additions of sale proceeds due to lack of evidence and involvement of banned brokers and non-registered entities in the transactions. Case-Laws Income Tax Fri, 01 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423001