HC justified reassessment as AO made independent inquiries before issuing notice based on info. received from AIMS module

INCOME TAX : Where AO issued a reopening notice on ground that an information was received that shares sold by assessee were of penny stock, thus, income on sale of said shares could not be allowed as exempt under section 10(38), since such information was specific and AO made independent inquiries and applied his mind and upon due satisfaction to such information finally formed a belief that income had escaped assessment, impugned reopening notice was justified

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