The ITAT Ahmedabad held that reassessment under Section 147 was invalid because the Assessing Officer reopened the case for fictitious loan entries but made additions for alleged bogus LTCG from penny stock transactions. The Tribunal ruled that changing the basis of reopening is not permissible in law.
The post ITAT Quashes Reassessment as AO Changed Reason from Fake Loan Entries to Penny Stock LTCG appeared first on TaxGuru.
