https://www.taxtmi.com/highlights?id=88675 HC affirmed the reopening of assessment under Section 147, validating the Assessing Officer's objective satisfaction regarding income escaping assessment. The assessee, represented by a chartered accountant, failed to provide explanations or substantiate the genuineness of transactions involving penny stocks and a shell company. The court found the AO's reasons for reassessment were not vague and demonstrated due diligence. The Appellate Authority's rejection of the assessee's appeal and the lack of credible evidence supporting the transaction's legitimacy led to the decision being rendered in favor of the revenue. en-us Fri, 23 May 2025 08:46:12 +0530 Fri, 23 May 2025 08:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=88675 HC affirmed the reopening of assessment under Section 147, validating the Assessing Officer's objective satisfaction regarding income escaping assessment. The assessee, represented by a chartered accountant, failed to provide explanations or substantiate the genuineness of transactions involving penny stocks and a shell company. The court found the AO's reasons for reassessment were not vague and demonstrated due diligence. The Appellate Authority's rejection of the assessee's appeal and the lack of credible evidence supporting the transaction's legitimacy led to the decision being rendered in favor of the revenue. Highlights Income Tax Fri, 23 May 2025 08:46:12 +0530 https://www.taxtmi.com/highlights?id=88675