TMI BlogReopening of assessment u/s 147 - undisclosed LTCG - when the information was specific with regard to...Reopening of assessment u/s 147 - undisclosed LTCG - when the information was specific with regard to transactions of penny stock entered into by the assessee, and the AO had applied his independent mind to the information and upon due satisfaction, led to form an opinion that, the amount of claim of LTCG claimed by the assessee is chargeable to tax has escaped assessment, which facts suggests that, there is live link between the material which suggested escapement of income and information of b..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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