2026 (9) TMI 765

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....C'], dated 09.05.2025, which in turn arises out of an order passed by assessing officer u/s. 147 of the Act, dated 19.05.2023. 02. Brief facts of the case are that the assessee, an individual, filed the return of income for the assessment year 2017-18. Subsequently, the case was reopened under section 147 read with section 148 of the Income-tax Act, 1961, on the basis of information available with the Department that the financial transactions carried out by the assessee in the scrip of GBFL and Ejecta Marketings Ltd. were non-genuine. It was alleged that the assessee had claimed bogus Long-Term Capital Gain (LTCG) exempt under section 10(38) of the Act and Short-Term Capital Loss (STCL) amounting to Rs. 2,39,34,796/- through transaction....

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....e present case ought to have been obtained under section 151(ii) of the Act from the Principal Chief Commissioner of Income-tax/Principal Director General of Income-tax or the Chief Commissioner/Director General, since more than three years had elapsed from the end of the relevant assessment year. However, the approval was obtained only from the Principal Commissioner of Income-tax-1, Rajkot, under section 151(i) of the Act. It was further submitted that although this specific ground was raised before the Ld. CIT(A), the same was not adjudicated. 05. The Ld. DR supported the orders of the lower authorities. 06. We have heard the rival submissions and perused the material available on record. It is an admitted position that the sanctio....