https://www.taxtmi.com/caselaws?id=771322 The HC upheld the AO's reopening of assessment u/s 147 regarding bogus LTCG/STCG on penny stock sales. The court found that the AO had recorded clear reasons with objective satisfaction for income escaping assessment. The assessee failed to provide explanations despite opportunities and representation by a chartered accountant. The assessee could not establish transaction genuineness or creditworthiness of the shell company involved. The CIT(A) affirmed the assessment order after noting the assessee's failure to pursue the appeal effectively. The HC concluded the Tribunal erred in finding the reopening reasons vague, ruling in favor of the revenue department. en-us Mon, 19 May 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771322 The HC upheld the AO's reopening of assessment u/s 147 regarding bogus LTCG/STCG on penny stock sales. The court found that the AO had recorded clear reasons with objective satisfaction for income escaping assessment. The assessee failed to provide explanations despite opportunities and representation by a chartered accountant. The assessee could not establish transaction genuineness or creditworthiness of the shell company involved. The CIT(A) affirmed the assessment order after noting the assessee's failure to pursue the appeal effectively. The HC concluded the Tribunal erred in finding the reopening reasons vague, ruling in favor of the revenue department. Case-Laws Income Tax Mon, 19 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771322