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Reopening Quashed for Lack of Disclosure Failure
Case Law Details
- Case Name
- A.T. Invofin India Private Limited Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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A.T. Invofin India Private Limited Vs DCIT (ITAT Delhi)
Reopening Beyond Four Years Without Alleging Assessee’s Failure Is Invalid: Delhi ITAT Quashes 148 Notice in Penny-Stock Case
Assessee, a NBFC managing investments & securities transactions, filed return declaring loss of Rs.2.98 crore. Assessment u/s 143(3) was completed on 25.03.2016. After lapse of four years, AO issued notice u/s 148 on 30.03.2021 based on Investigation Wing alleging fictitious losses in transactions of Stampede Capital Ltd. & Atlanta Infra & Finance Ltd. AO stated that assessee failed to disclose fully ...
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