https://www.taxtmi.com/caselaws?id=762312 ITAT Delhi held that reopening assessment under section 147 was invalid as the assessee had legitimately purchased shares through IPO via cheque, held them for over a year, and sold through registered broker with STT payment. The AO's belief that income escaped assessment was fallacious since the assessee's case didn't match the alleged modus operandi. The share split occurred after the sale, negating malafide allegations. Additionally, cash deposits during demonetization were justified as assessee had sufficient cash balance from legitimate VAT-reported sales. Revenue's appeal was dismissed. en-us Fri, 18 Oct 2024 00:00:00 +0530 Fri, 03 Apr 2026 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762312 ITAT Delhi held that reopening assessment under section 147 was invalid as the assessee had legitimately purchased shares through IPO via cheque, held them for over a year, and sold through registered broker with STT payment. The AO's belief that income escaped assessment was fallacious since the assessee's case didn't match the alleged modus operandi. The share split occurred after the sale, negating malafide allegations. Additionally, cash deposits during demonetization were justified as assessee had sufficient cash balance from legitimate VAT-reported sales. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762312