https://www.taxtmi.com/caselaws?id=757895 The ITAT Ahmedabad upheld the reopening of assessment under section 147 despite the AO making additions on different grounds than initially stated. While proceedings were initiated based on the assessee's purchase/sale of Nyssa Corporation shares, the AO ultimately found the assessee had lent his PAN to brokers for such transactions in exchange for 2% commission on transaction value. The tribunal held that since additions were still made regarding the same Nyssa Corporation shares, though on different grounds, the reopening was valid and dismissed the assessee's challenge. en-us Wed, 14 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 14:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757895 The ITAT Ahmedabad upheld the reopening of assessment under section 147 despite the AO making additions on different grounds than initially stated. While proceedings were initiated based on the assessee's purchase/sale of Nyssa Corporation shares, the AO ultimately found the assessee had lent his PAN to brokers for such transactions in exchange for 2% commission on transaction value. The tribunal held that since additions were still made regarding the same Nyssa Corporation shares, though on different grounds, the reopening was valid and dismissed the assessee's challenge. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757895