Reassessment initiated on basis of info. that assessee sold penny stock to earn exempt LTCG is justified: HC

INCOME TAX : Where AO issued reopening notice against assessee on ground that an information was received from AIMS module that shares sold by assessee were of penny stock, since such information was specific with regard to transactions of penny stock entered into by assessee and AO made independent enquiries and applied his mind to information and upon due satisfaction formed a belief that income had escaped assessment, impugned reopening notice was justified

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