Mahak Doshi, L/H of Aditya Doshi vs. ITO, Ward 2(1), Kolkata

Parties Involved

Facts Summary

The present appeal arises from an order dated 03.01.2025 passed by the Ld. Commissioner of Income Tax (Appeals)- National Faceless Appeal Centre (NFAC), Delhi, upholding the assessment wherein the Assessing Officer (AO) reopened the assessment based on information received from the Investigation Wing. The assessee, Mahak Doshi, L/H of Aditya Doshi, filed a return of income declaring a total income of Rs. 10,82,800/-. The AO issued a notice u/s 148 of the Income Tax Act, 1961 on 29.03.2018, which was complied with by the assessee. The AO recorded reasons for reopening the assessment, stating that information had been received from the Director General of Income Tax (Investigation) indicating that the assessee had evaded tax by showing bogus Short Term Capital Loss (STCL), Long Term Capital Gain (LTCG), and Business Loss of Rs. 11,65,000/- through the purchase/sale of penny stock during F.Y. 2010-11.…

Legal Issues

• 1. Whether the reopening of assessment by the AO is valid based on the reasons recorded.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

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