ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

ITA 1565/PUN/2024Status: DisposedITAT Pune27 October 2025AY 2018-1962 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that reopening of assessment in the absence of fresh tangible material, when the original assessment had already considered the transactions, was not in accordance with law. The CIT(A) had allowed relief to the assessee, finding no adverse material against them.

What were the facts?

A search action led to an assessment, which was later reopened based on information about penny stock transactions. The Assessing Officer reopened the assessment, claiming income had escaped assessment due to bogus long-term capital gains from penny stock sales.

What were the issues?

Whether reopening of assessment under Section 147 was valid when the original assessment under Section 143(3)/153A had already considered the transactions in question, and if there was any fresh tangible material to justify the reopening.

Which sections of the Income-tax Act were involved?

Section 132,Section 153A,Section 143(3),Section 153B,Section 147,Section 148,Section 10(38)

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Cases cited in this judgment(20)Show list

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Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI R. K. PANDA & MS ASTHA CHANDRA

For Appellant: Shri Suchek Anchaliya
For Respondent: Shri Amit Bobde, CIT

PER R.K. PANDA, VP:

ITA Nos.1555/PUN/2024 & Ors CO Nos.2 to 5/PUN/2025

ITA Nos.1555/PUN/2024 & 1560/PUN/2024 filed by the Rev

The order continues below.

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