https://www.taxtmi.com/caselaws?id=780437 ITAT held that reassessment under section 147 was invalid because the reasons recorded by the AO were based on incorrect facts and showed no application of mind. The AO misstated sale quantities and values in alleged penny-stock transactions and made additions inconsistent with the assessment record. Reopening and the resultant assessment were held bad in law; appeal allowed in favour of the assessee and additions set aside. en-us Mon, 27 Oct 2025 00:00:00 +0530 Thu, 30 Oct 2025 08:22:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780437 ITAT held that reassessment under section 147 was invalid because the reasons recorded by the AO were based on incorrect facts and showed no application of mind. The AO misstated sale quantities and values in alleged penny-stock transactions and made additions inconsistent with the assessment record. Reopening and the resultant assessment were held bad in law; appeal allowed in favour of the assessee and additions set aside. Case-Laws Income Tax Mon, 27 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780437