Held that the Assessing Officer has reopened the assessment by merely relying upon the report of the Investigation Wing without carrying out any preliminary enquiry /investigation and establishing the necessary nexus between the material in his possession and formation of belief that the assessee has shown bogus long term capital gains. Reassessment is held to be bad in law. (AY. 2013-14)
Sudesh Rani (Smt) v. ACIT (2023) 222 TTJ 759 (Chd)(Trib) Ritu Garg (Smt) v. ACIT (2023) 222 TTJ 759 (Chd)(Trib) Urmila Rani (Smt) v. ACIT (2023) 222 TTJ 759 (Chd)(Trib)
S. 147 : Reassessment-Alleged bogus long term capital gains-Sale of shares-Information from Investigation Wing-Non application of mind-Reassessment is quashed. [S. 10(38), 45]