DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

ITA 497/PUN/2025Status: DisposedITAT Pune27 October 2025AY 2013-1462 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that reopening of assessment for the same transactions, which were already considered during scrutiny assessment and where the exemption claim was allowed, is not in accordance with law in the absence of fresh tangible material. The CIT(A)'s order allowing relief to the assessee was upheld.

What were the facts?

A search action was conducted, and the initial assessment was completed. Subsequently, the Assessing Officer reopened the assessment based on information about penny stock transactions, alleging bogus long-term capital gains. The assessee had claimed these gains as exempt under Section 10(38).

What were the issues?

Whether reopening of assessment under Section 147/148 is valid when the issue was already considered and decided in the original assessment under Section 143(3) without any fresh tangible material. Whether additions based on penny stock transactions are sustainable if the original assessment allowed the exemption claim.

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(19)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 & 1560/PUN/2024 filed by the Revenue are directed against

The order continues below.

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