https://www.taxtmi.com/caselaws?id=761244 ITAT Ahmedabad upheld the validity of reopening proceedings u/s 147 based on investigation wing information regarding tax loss trades in shares. The tribunal found the reopening was not a change of opinion as the assessee failed to provide specific details about trading in M/s. Radhe Developers Ltd. scrip during earlier proceedings. However, regarding disallowance of trading losses, ITAT ruled in favor of the assessee, finding that neither the AO nor CIT(A) established any correlation between the assessee's trading and price manipulation or synchronized trading activities. The authorities failed to demonstrate the assessee's active involvement in price manipulation during AY 2011-12. en-us Tue, 22 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761244 ITAT Ahmedabad upheld the validity of reopening proceedings u/s 147 based on investigation wing information regarding tax loss trades in shares. The tribunal found the reopening was not a change of opinion as the assessee failed to provide specific details about trading in M/s. Radhe Developers Ltd. scrip during earlier proceedings. However, regarding disallowance of trading losses, ITAT ruled in favor of the assessee, finding that neither the AO nor CIT(A) established any correlation between the assessee's trading and price manipulation or synchronized trading activities. The authorities failed to demonstrate the assessee's active involvement in price manipulation during AY 2011-12. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761244