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Reassessment on Illiquid Derivatives Set Aside as notice was time-barred
Case Law Details
- Case Name
- Nilesh Shirish Mehta Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Nilesh Shirish Mehta Vs ITO (ITAT Mumbai)
Late 148 Notices for AY 2015-16 Invalid – ITAT Mumbai Grants Full Relief-All Additions Quashed as Reassessment Void-Ab-Initio
Assessee, Nilesh Shirish Mehta, filed appeal against the order of CIT(A), NFAC, Delhi dated 03.06.2025. The case was reopened on the basis of information that Assessee had generated non-genuine profit/loss on illiquid derivatives through Goodluck Securities Pvt. Ltd. & SPS Share Brokers Pvt. Ltd. AO issued notice u/s 148 dated 28.07.2022, invoking SC decision in Union of India Vs Ashish Agarwal (2022 SCC Online SC 543). As...
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