https://www.taxtmi.com/caselaws?id=752164 ITAT Mumbai quashed reopening of assessment u/s 147 for alleged bogus long-term capital gains. The assessee actually incurred short-term capital losses on shares purchased and sold within 2-3 days in March 2015, with no benefit claimed or income set-off. The AO's reasons for reopening were based on general investigation findings about penny stock companies without establishing direct nexus between the information and assessee's specific case. The tribunal held that reasons recorded were on wrong premise without proper verification, lacking the required live link between escaped income and available material, making the entire reopening proceedings invalid. en-us Tue, 30 Apr 2024 00:00:00 +0530 Sat, 04 May 2024 08:00:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752164 ITAT Mumbai quashed reopening of assessment u/s 147 for alleged bogus long-term capital gains. The assessee actually incurred short-term capital losses on shares purchased and sold within 2-3 days in March 2015, with no benefit claimed or income set-off. The AO's reasons for reopening were based on general investigation findings about penny stock companies without establishing direct nexus between the information and assessee's specific case. The tribunal held that reasons recorded were on wrong premise without proper verification, lacking the required live link between escaped income and available material, making the entire reopening proceedings invalid. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752164