https://www.taxtmi.com/caselaws?id=428778 The tribunal ruled in favor of the assessee, quashing the reassessment proceedings initiated under section 147 by the Assessing Officer. It found discrepancies in the allegations made regarding the purchase and sale of shares, determining the reasons for reopening the case as faulty and unsupported by facts. Additionally, the tribunal disagreed with the classification of Long Term capital Gain as bogus transactions, recognizing the genuine nature of the transactions based on compliance with tax regulations and regular trading patterns. The tribunal emphasized the importance of proper assessment procedures and adherence to legal standards in tax actions. en-us Wed, 14 Sep 2022 00:00:00 +0530 Tue, 11 Oct 2022 10:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428778 The tribunal ruled in favor of the assessee, quashing the reassessment proceedings initiated under section 147 by the Assessing Officer. It found discrepancies in the allegations made regarding the purchase and sale of shares, determining the reasons for reopening the case as faulty and unsupported by facts. Additionally, the tribunal disagreed with the classification of Long Term capital Gain as bogus transactions, recognizing the genuine nature of the transactions based on compliance with tax regulations and regular trading patterns. The tribunal emphasized the importance of proper assessment procedures and adherence to legal standards in tax actions. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428778