Allowing the appeal the Tribunal held that nowhere in the assessment order had the Assessing Officer made the addition on account of escapement of income for which he had recorded the reasons. Instead, he made the addition on long-term capital gains holding it to be bogus. Therefore, the addition made was to be deleted. (AY.2013-14)
Vijeta Shukla (Smt.) v. Dy. CIT (2021) 86 ITR 169 (Luck.)(Trib.)
S. 147 : Reassessment-No addition was made in respect of reasons recorded-Addition of long term as bogus-Reassessment is held to be bad in law. [S. 148]