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2021 (4) TMI 149 - AT - Income TaxReopening of assessment u/s 147 - penny stock purchases - Bogus LTCG - Eligibility of reasons to believe - HELD THAT:- From the assessment order, we find that the Assess- ing Officer had made addition on account of long-term capital gain holding the long-term capital gain to be bogus. Nowhere in the assessment order the Assessing Officer made the addition on account of escapement of income for which he had recorded the reasons. The Income-tax Appellate Tribunal, Kolkata Bench, in the case of Sanju Jalan [2018 (1) TMI 1300 - ITAT KOLKATA] under similar facts and circumstances, had allowed relief to the assessee. In the present case also we find that the Assessing Officer has not made addition on the alleged escapement of income recorded in the reasons. Therefore we allow ground of the appeal.
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