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2018 (1) TMI 1300 - AT - Income TaxReopening of assessment - treating the LTCG as bogus - Held that:- As we have already seen that the assessment was reopened for the reason that the jewellery purchased by the Assessee was from undisclosed sources and the purchases were bogus. That addition has not been sustained now. The Assessing Officer however, proceeded to make an addition on account of Long Term Capital Gain (LTCG) on sale of shares. This was clearly beyond the scope of the proceedings under section 148 of the Act. The Assessing Officer, therefore, could not have proceeded to make the impugned addition of bogus LTCG. See CIT vs. Jet Airways India Ltd [2010 (4) TMI 431 - HIGH COURT OF BOMBAY]
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