https://www.taxtmi.com/caselaws?id=754592 Reassessment under section 148 was treated as valid because it was initiated in accordance with procedure, and the objection that it amounted only to a fishing or verification exercise was rejected. On the merits, share sale proceeds were not treated as unexplained money where purchase and transfer were supported by cheque payment and records, the shares were sold before suspension of the scrip, and there was no material proving price manipulation or a sham transaction. The denial of long-term capital gains exemption and the addition under section 69A were therefore set aside, while the reassessment challenge failed. en-us Wed, 17 Jan 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:55:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754592 Reassessment under section 148 was treated as valid because it was initiated in accordance with procedure, and the objection that it amounted only to a fishing or verification exercise was rejected. On the merits, share sale proceeds were not treated as unexplained money where purchase and transfer were supported by cheque payment and records, the shares were sold before suspension of the scrip, and there was no material proving price manipulation or a sham transaction. The denial of long-term capital gains exemption and the addition under section 69A were therefore set aside, while the reassessment challenge failed. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754592