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2017 (3) TMI 970 - AT - Income TaxReopening of assessment - addition u/s 68 - Held that:- Reassessment proceedings u/s 147 of the Act needs to be quashed as there was no material with the Department on the basis of which it could justify its action. Further even on merits also assessee has proved genuineness of the transaction by providing necessary details and documents in the form of contract note, demat a/c, bank statement and NSE details and proved that the impugned transaction was not entered through accommodation entry provider namely Mahasagar Securities Pvt. ltd. and others. See Shri Pratik Suryakant Shah & others [2017 (2) TMI 463 - ITAT AHMEDABAD ] - Decided in favour of assessee
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