https://www.taxtmi.com/caselaws?id=780868 ITAT upheld validity of reassessment under s.147, finding the AO's belief based on Investigation Wing material was bona fide and not borrowed satisfaction; reassessment sustained. Addition under s.68 was also upheld: the assessee failed to satisfactorily explain large purchases of shares of a thinly capitalized company, and documentary records alone did not discharge the onus. SEBI and investigation findings of synchronized circular trading and artificial price inflation supported the AO's conclusion that reported long-term capital gains were a colourable device to convert unaccounted income. The appeal was dismissed. en-us Tue, 04 Nov 2025 00:00:00 +0530 Fri, 07 Nov 2025 08:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780868 ITAT upheld validity of reassessment under s.147, finding the AO's belief based on Investigation Wing material was bona fide and not borrowed satisfaction; reassessment sustained. Addition under s.68 was also upheld: the assessee failed to satisfactorily explain large purchases of shares of a thinly capitalized company, and documentary records alone did not discharge the onus. SEBI and investigation findings of synchronized circular trading and artificial price inflation supported the AO's conclusion that reported long-term capital gains were a colourable device to convert unaccounted income. The appeal was dismissed. Case-Laws Income Tax Tue, 04 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780868