Taxpayer's Penny Stock Case: Authorities Satisfied with Reasons for Reopening Assessment u/s 147, Approval Provided to Taxpayer.

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....Reopening of assessment u/s 147 - Penny stock transaction of assessee - the copy of the approval has been provided to the assessee at the stage of passing the order of disposing the objections raised by the assessee. Therefore, it is evident that, in the instant case, the authorities concerned have given approval after due application of mind and expressed their satisfaction with regard to the reasons recoded for reopening of the assessment. - HC....