Reassessment based on info. that assessee earned exempt LTCG on sale of penny stocks by manipulating price is valid: HC

INCOME TAX : Where AO issued a reopening notice against assessee on ground that an information was received from AIMS module that shares sold by assessee were of penny stock, since such information with regard to transactions of penny stock entered into by assessee was specific and AO had made independent enquiry and applied his mind to said information and upon due satisfaction, formed an opinion that LTCG on sale of penny stock shares had escaped assessment,INCOME TAX : Where AO issued a reopening notice against assessee on ground that an information was received from AIMS module that shares sold by assessee were of penny stock, since such information with regard to transactions of penny stock entered into by assessee was specific and AO had made independent enquiry and applied his mind to said information and upon due satisfaction, formed an opinion that LTCG on sale of penny stock shares had escaped assessment,www.taxmann.com Latest Case LawsRead More

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