https://www.taxtmi.com/caselaws?id=753236 The ITAT Kolkata quashed a reassessment under section 147 for alleged bogus LTCG transactions. The AO had reopened the case based on ITBA data regarding penny stock trading, claiming the assessee concealed exempt income. However, the assessee had properly disclosed the LTCG in Schedule-EI of the return. The tribunal found the AO acted on borrowed satisfaction from the Investigation Wing without independent application of mind or proper enquiry. The reasons recorded were mechanical and factually incorrect since the exempt income was already disclosed. Following the Meenakshi Overseas precedent, the tribunal allowed the appeal and quashed the assessment for lack of independent satisfaction. en-us Tue, 09 Jan 2024 00:00:00 +0530 Wed, 29 May 2024 08:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753236 The ITAT Kolkata quashed a reassessment under section 147 for alleged bogus LTCG transactions. The AO had reopened the case based on ITBA data regarding penny stock trading, claiming the assessee concealed exempt income. However, the assessee had properly disclosed the LTCG in Schedule-EI of the return. The tribunal found the AO acted on borrowed satisfaction from the Investigation Wing without independent application of mind or proper enquiry. The reasons recorded were mechanical and factually incorrect since the exempt income was already disclosed. Following the Meenakshi Overseas precedent, the tribunal allowed the appeal and quashed the assessment for lack of independent satisfaction. Case-Laws Income Tax Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753236