https://www.taxtmi.com/highlights?id=67841 Reopening of assessment u/s 147 - Additions u/s 68 - Ld. AO recorded reasons without applying mind independently but based on surmises and conjectures out of financial status of the assessee. While Ld. CIT(A) and Ld. AO have both ignored the factual aspects of purchase of shares five years prior to the sale for substantial amount and have tried to paint its findings based on modus operandi of tainted Kayan brothers, with whom actually there was no dealing by the assessee. - Demand set aside - AT en-us Sat, 21 Jan 2023 14:34:52 +0530 Sat, 21 Jan 2023 14:34:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67841 Reopening of assessment u/s 147 - Additions u/s 68 - Ld. AO recorded reasons without applying mind independently but based on surmises and conjectures out of financial status of the assessee. While Ld. CIT(A) and Ld. AO have both ignored the factual aspects of purchase of shares five years prior to the sale for substantial amount and have tried to paint its findings based on modus operandi of tainted Kayan brothers, with whom actually there was no dealing by the assessee. - Demand set aside - AT Highlights Income Tax Sat, 21 Jan 2023 14:34:52 +0530 https://www.taxtmi.com/highlights?id=67841