https://www.taxtmi.com/caselaws?id=794329 Reassessment notices under Sections 148 and 147 of the Income-tax Act were quashed because the reopening rested on an incorrect factual premise about the assessee's share transactions. The record showed that the assessee had disclosed long-term capital gain on listed securities of Bagra Partishtan Ltd., not on the alleged penny stock scrip said to have been routed through an entry operator, and that discrepancy was not disputed. As the very basis for initiating reassessment was factually wrong, the notices and preliminary orders could not be sustained and the challenge succeeded for the assessee. en-us Mon, 29 Jun 2026 00:00:00 +0530 Fri, 03 Jul 2026 08:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794329 Reassessment notices under Sections 148 and 147 of the Income-tax Act were quashed because the reopening rested on an incorrect factual premise about the assessee's share transactions. The record showed that the assessee had disclosed long-term capital gain on listed securities of Bagra Partishtan Ltd., not on the alleged penny stock scrip said to have been routed through an entry operator, and that discrepancy was not disputed. As the very basis for initiating reassessment was factually wrong, the notices and preliminary orders could not be sustained and the challenge succeeded for the assessee. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794329