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ITAT Ahmedabad Quashes Time-Barred Penny Stock Reassessments
Case Law Details
- Case Name
- Hiral Tapankumar Chudgar 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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Hiral Tapankumar Chudgar Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad quashes Penny Stock Reassessments for AYs 2017–18 & 2018–19 – Escaped Income below ₹50 Lakh, Notices beyond 3 years held invalid u/s 149(1)(b)
Ahmedabad ITAT has quashed reassessment proceedings for AYs 2017–18 & 2018–19 arising from alleged penny stock transactions in “Kushal Ltd.”, holding that the escaped income in each year was less than ₹50 lakh & , therefore, notices issued beyond three years from the end of the relevant assessment year were barred by limitation under the amended provisi...
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