Alleged amount less than limitation for reopening assessment hence proceedings quashed: ITAT Ahmedabad

Amish Manubhai Brahmbhatt Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad quashed the reassessment proceedings under section 147 of the Income Tax Act as intraday profit is less than limitation of Rs. 1,00,000/- for reopening of assessment u/s. 147 of the Act.

Facts- The assessee is an individual engaged in the business of share trading and income from other sources. The assessment was reopened based on the information received from the Mumbai Investigation Directorate vide letter/mail dated 27.03.2019, a search and seizure action was carried out on Shri Naresh Jain

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