https://www.taxtmi.com/caselaws?id=445959 ITAT Indore held that assessment u/s 143(3) was valid where search information was used as additional material during scrutiny under CASS, as conditions for mandatory assessment u/s 153C were not satisfied. Regarding bogus LTCG on penny stock transactions, the tribunal found procedural lapses where search material was not properly supplied to assessee. Matter was remanded to AO for fresh consideration after providing search material to assessee and examining purchase evidence, source of investment, and verification of share transactions. Appeal partly allowed for statistical purposes. en-us Thu, 24 Aug 2023 00:00:00 +0530 Thu, 23 Nov 2023 06:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445959 ITAT Indore held that assessment u/s 143(3) was valid where search information was used as additional material during scrutiny under CASS, as conditions for mandatory assessment u/s 153C were not satisfied. Regarding bogus LTCG on penny stock transactions, the tribunal found procedural lapses where search material was not properly supplied to assessee. Matter was remanded to AO for fresh consideration after providing search material to assessee and examining purchase evidence, source of investment, and verification of share transactions. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445959