https://www.taxtmi.com/caselaws?id=449373 The ITAT Delhi allowed the assessee's appeal, quashing the reopening of assessment under section 147 and addition under section 69A for unexplained money. The AO had alleged the assessee converted unaccounted income into exempt long-term capital gains through artificial price rigging of shares with entry operators. The ITAT held that the AO failed to provide cogent evidence of the assessee's involvement in price manipulation or cash transfers. The transactions were legitimate as shares were held in demat accounts with proper documentation. The ITAT ruled that mere identification of penny stocks doesn't render all transactions bogus, and the assessment reopening was based on suspicion without reasonable belief of income escaping assessment. en-us Thu, 18 Jan 2024 00:00:00 +0530 Sat, 10 Feb 2024 07:44:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449373 The ITAT Delhi allowed the assessee's appeal, quashing the reopening of assessment under section 147 and addition under section 69A for unexplained money. The AO had alleged the assessee converted unaccounted income into exempt long-term capital gains through artificial price rigging of shares with entry operators. The ITAT held that the AO failed to provide cogent evidence of the assessee's involvement in price manipulation or cash transfers. The transactions were legitimate as shares were held in demat accounts with proper documentation. The ITAT ruled that mere identification of penny stocks doesn't render all transactions bogus, and the assessment reopening was based on suspicion without reasonable belief of income escaping assessment. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449373