https://www.taxtmi.com/caselaws?id=761045 Delhi HC held that AO cannot reopen assessment for AY 2013-14 under Section 147 as threshold limit of Rs. 50 lakh was not met. AO alleged bogus transactions in Cubical shares worth Rs. 30.71 lakh and Gemstone shares worth Rs. 29.75 lakh, totaling above threshold. However, court found no material evidence to establish Cubical transactions were bogus merely because it was a penny stock. Excluding unsubstantiated Cubical amount, only Gemstone transactions (Rs. 29.75 lakh) remained, falling below Rs. 50 lakh threshold required for reopening assessments beyond three years. Assessment reopening quashed in favor of assessee. en-us Fri, 18 Oct 2024 00:00:00 +0530 Mon, 04 Nov 2024 08:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761045 Delhi HC held that AO cannot reopen assessment for AY 2013-14 under Section 147 as threshold limit of Rs. 50 lakh was not met. AO alleged bogus transactions in Cubical shares worth Rs. 30.71 lakh and Gemstone shares worth Rs. 29.75 lakh, totaling above threshold. However, court found no material evidence to establish Cubical transactions were bogus merely because it was a penny stock. Excluding unsubstantiated Cubical amount, only Gemstone transactions (Rs. 29.75 lakh) remained, falling below Rs. 50 lakh threshold required for reopening assessments beyond three years. Assessment reopening quashed in favor of assessee. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761045