Tax Tribunal Rules AO's Reopening of Case Improper: Lacks Inquiry, Based on Incomplete Data, Violates Legal Standards.

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....The case pertains to the assumption of jurisdiction u/ss 147/148 read with section 151 of the Income Tax Act. The Assessing Officer (AO) wrongly assumed jurisdiction u/s 147 instead of the statutory path available u/s 153C. The case was reopened beyond the period of four years based on information received from the Investigation Wing, New Delhi, alleging bogus Long-Term Capital Gains (LTCG) and addition u/s 68 on account of share capital treated as an accommodation entry. The Tribunal held that the AO's reluctance to initiate reopening proceedings based on generalized and uncorroborated information, and the issuance of notice u/s 148 on the last day, implying compulsion to save on limitation, demonstrated a lack of independent inquiry and a.........