https://www.taxtmi.com/caselaws?id=782032 ITAT Ahmedabad allowed the assessee's appeal and quashed the reassessment proceedings initiated u/s 147 r.w.s. 144. The Tribunal held that the reopening was invalid as the AO's "reasons to believe" were based solely on general information from the Investigation Wing and BSE, without identifying any specific penny stock, scrip, or transaction allegedly involved in bogus loss. The AO neither conducted independent inquiry nor brought any tangible material on record to link the assessee with accommodation entries or fictitious loss. The reassessment was held to be based on borrowed satisfaction and thus unsustainable in law, and the addition was deleted. en-us Tue, 04 Nov 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782032 ITAT Ahmedabad allowed the assessee's appeal and quashed the reassessment proceedings initiated u/s 147 r.w.s. 144. The Tribunal held that the reopening was invalid as the AO's "reasons to believe" were based solely on general information from the Investigation Wing and BSE, without identifying any specific penny stock, scrip, or transaction allegedly involved in bogus loss. The AO neither conducted independent inquiry nor brought any tangible material on record to link the assessee with accommodation entries or fictitious loss. The reassessment was held to be based on borrowed satisfaction and thus unsustainable in law, and the addition was deleted. Case-Laws Income Tax Tue, 04 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782032