https://www.taxtmi.com/caselaws?id=764586 ITAT Chennai held that reopening of assessment after four years was invalid due to insufficient tangible material. The AO's reasons were based on a bare statement about the assessee being a beneficiary in penny-stock cases without providing details about the information received from CCIT Coimbatore, which shares were classified as penny-stock, or the connection between sold shares and alleged bogus claims. The tribunal found the reasons cryptic, scanty, and vague, containing factual inaccuracies. The information could only trigger suspicion, not belief of income escapement required under section 147. The appeal was allowed, invalidating the reassessment proceedings. en-us Fri, 10 Jan 2025 00:00:00 +0530 Tue, 14 Jan 2025 08:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764586 ITAT Chennai held that reopening of assessment after four years was invalid due to insufficient tangible material. The AO's reasons were based on a bare statement about the assessee being a beneficiary in penny-stock cases without providing details about the information received from CCIT Coimbatore, which shares were classified as penny-stock, or the connection between sold shares and alleged bogus claims. The tribunal found the reasons cryptic, scanty, and vague, containing factual inaccuracies. The information could only trigger suspicion, not belief of income escapement required under section 147. The appeal was allowed, invalidating the reassessment proceedings. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764586