INCOME-TAX : Where on basis of the report of the Investigation Wing that penny stocks are used for generating bogus LTCG/STCL and business loss by assessee, assessment was reopened by issuance of notice u/s 148 but assessee pointed out that AO did not provide reasons for reopening assessment to assessee,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315311/ao-can’t-reassess-income-without-supplying-reasons-for-reassessment-amp-disposing-of-assessee’s-objections-on-it-itat.aspx
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