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Reopening Beyond 3 Years Invalid for Income Below ₹50L – Wrong Sec 151 Sanction Voids Reassessment – ITAT Mumbai
Case Law Details
- Case Name
- DCIT Vs Pranavkumar Prafulchandra Vora (ITAT Mumbai)
- 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 Mumbai
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DCIT Vs Pranavkumar Prafulchandra Vora (ITAT Mumbai)
Reopening Beyond 3 Years Invalid Where Escaped Income & lt; ₹50 Lakh – Wrong Sanction u/s 151 Vitiates Reassessment – ITAT Mumbai
The Tribunal adjudicated cross appeals relating to alleged penny stock transactions where the AO reopened assessment and made addition u/s 68 alleging accommodation entries in the scrip of Alankit Ltd. However, the assessee challenged jurisdiction through cross-objection, contending that notice u/s 148 issued under the new regime dated 28.07.2022 was beyond three years and sanctioned by an incorrect auth...
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