This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No 143(2), No Jurisdiction- ITAT Quashes Penny Stock Reassessment Despite Non-Cooperation by Assessee
Case Law Details
- Case Name
- Wazeera Saleh Mithiborwala Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Wazeera Saleh Mithiborwala Vs DCIT (ITAT Mumbai)
Assessee filed return declaring ₹1.24 Cr income. Based on Investigation Wing information alleging bogus long-term capital gains from penny stocks, AO reopened the case u/s 148. Assessee filed return in response, but did not furnish further details or comply with summons. AO completed assessment u/s 144 r.w.s. 147 & added ₹5.45 Cr u/s 68, denying exemption u/s 10(38). CIT(A) upheld the assessment.
Before the ITAT, Assessee raised a legal ground that no notice u/s 143(2) was issued after filing the return in response to 148. ...
Author Info
