ITAT Quashes Reopening Under Section 147; Reasons Based on Wrong Facts and Mechanical Approval Invalid

ITAT Quashes Reopening Under Section 147; Reasons Based on Wrong Facts and Mechanical Approval Invalid

ITAT Quashes Reopening Under Section 147; Reasons Based on Wrong Facts and Mechanical Approval Invalid The assessee filed his return of income for AY 2012-13 declaring Rs. 1.95 crore, which was processed under Section 143(1). Later, based on a report from the Investigation Wing, Kolkata, regarding alleged penny-stock transactions, the Assessing Officer reopened the assessment […]