https://www.taxtmi.com/caselaws?id=313430 The ITAT Surat upheld the validity of assessment reopening based on information received from DDIT Investigation unit regarding penny stock transactions, finding the AO's reasons were not borrowed satisfaction but based on proper application of mind. However, the tribunal deleted the addition under section 68, following the Gujarat HC precedent in Jagat Pravinbhai Sarabhai case, as the assessee demonstrated genuine investment through proper documentation, banking channels, STT payment, and long-term holding period of seven years. Consequently, the related addition under section 69C for commission was also deleted. en-us Fri, 09 Dec 2022 00:00:00 +0530 Mon, 25 May 2026 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313430 The ITAT Surat upheld the validity of assessment reopening based on information received from DDIT Investigation unit regarding penny stock transactions, finding the AO's reasons were not borrowed satisfaction but based on proper application of mind. However, the tribunal deleted the addition under section 68, following the Gujarat HC precedent in Jagat Pravinbhai Sarabhai case, as the assessee demonstrated genuine investment through proper documentation, banking channels, STT payment, and long-term holding period of seven years. Consequently, the related addition under section 69C for commission was also deleted. Case-Laws Income Tax Fri, 09 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313430