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₹115 Cr Penny stock & Bogus loan Reassessment Quashed for Time-Barred Section 148 Notice
Case Law Details
- Case Name
- Shree Vishvamurte Tradinvest Pvt. Ltd.Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Ahmedabad
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Shree Vishvamurte Tradinvest Pvt. Ltd.Vs ITO (ITAT Ahmedabad)
Fatal Jurisdictional Error -Notice u/s 148 Issued After Surviving Time- —ITAT Ahmedabad Quashes Entire ₹115 Cr Reassessment
Assessee, a Pvt Ltd company dealing in shares, filed ROI declaring ₹9,00,890. AO reopened assessment alleging penny stock trading of ₹3.85 crore & completed reassessment u/s 147 r.w.s.144B making massive additions aggregating ₹115.22 crore, taxing them u/s 115BBE.
CIT(A) partly allowed Assessee’s appeal & partly confirmed additions on penny stock transactions & alleged bogus loans. B...
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