https://www.taxtmi.com/highlights?id=90071 ITAT allowed assessee's appeal challenging reopening of assessment under Section 147 and addition of bogus Long Term Capital Gains. The Tribunal held that Assessing Officer failed to apply independent mind while issuing reopening notice, merely relying on information from Director of Income Tax (Investigation) without forming requisite "reason to believe" that income escaped assessment. Regarding LTCG on penny stocks, ITAT found AO's reliance on SEBI report baseless as the report on JMD Telefilms did not implicate assessee, who held shares for over three years and sold during price decline period. SEBI never issued notice to assessee or broker regarding these transactions. Without specific evidence controverting documentary proof and absent..... en-us Thu, 03 Jul 2025 08:34:35 +0530 Thu, 03 Jul 2025 08:34:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=90071 ITAT allowed assessee's appeal challenging reopening of assessment under Section 147 and addition of bogus Long Term Capital Gains. The Tribunal held that Assessing Officer failed to apply independent mind while issuing reopening notice, merely relying on information from Director of Income Tax (Investigation) without forming requisite "reason to believe" that income escaped assessment. Regarding LTCG on penny stocks, ITAT found AO's reliance on SEBI report baseless as the report on JMD Telefilms did not implicate assessee, who held shares for over three years and sold during price decline period. SEBI never issued notice to assessee or broker regarding these transactions. Without specific evidence controverting documentary proof and absent..... Highlights Income Tax Thu, 03 Jul 2025 08:34:35 +0530 https://www.taxtmi.com/highlights?id=90071