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2023 (5) TMI 1214 - ITAT DELHIReopening of assessment - validity of notice u/s 148 - Information received by the AO under Project Falcon from DGIT(Investigation), Mumbai about trading on the United Stock Exchange of India by engaging in reversal trades in illiquid stock options resulting in non-genuine business loss/gains to the beneficiary assessee and that the present assessee is a party to such manipulation - HELD THAT:- Reasons derived by the AO on the alleged ground of income escaping assessment which consists of claim of artificial loss from trade reversal on Stock Exchange and the belief that the assessee has incurred an amount as commission paid for obtaining a loss of is beyond logic and not borne out of any record. Hence, the order passed by the Assessing Officer u/s 147 dated “Nil” is to be treated non est in the eyes of law. Appeal of the assessee is allowed.
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