No 143(2), No Jurisdiction- ITAT Quashes Penny Stock Reassessment Despite Non-Cooperation by Assessee

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. ...