Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 963 - AT - Income TaxReopening of assessment u/s 147 - value of shares purchased by the assessee as penny stocks were treated as unexplained investment u/s 69B - HELD THAT:- As relying on SRI NARENDER KUMAR GUPTA VERSUS ASSTT. CIT CIRCLE 7 (1) HYDERABAD [2021 (5) TMI 887 - ITAT HYDERABAD] this appeal of the assessee is also remitted to the file of the Assessing Officer with a direction to supply the assessee, the reasons for reopening of the assessment and only after disposal of the objections, if any, raised by the assessee to the reopening, the Assessing Officer shall proceed to recompute the income of the assessee in accordance with law. Needless to mention that the assessee shall be given a fair opportunity of hearing. Assessee’s appeal is treated as allowed for statistical purposes.
|