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Gujarat HC Upholds Section 148 Reopening Based on Tangible Material in Penny Stock Case
Case Law Details
- Case Name
- Pushpa Uttamchand Mehta Vs ITO (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
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- Courts
- All High Courts, Gujarat High Court
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Pushpa Uttamchand Mehta Vs ITO (Gujarat High Court)
The Gujarat High Court considered a writ petition challenging a notice dated 08.03.2019 issued under Section 148 of the Income-tax Act and the order dated 28.11.2019 rejecting the assessee’s objections for reopening the assessment for AY 2012-13. The assessee had originally filed her return declaring income from interest, dividends and agricultural income, while claiming exempt long-term capital gains of ₹11,43,900 under Section 10(38) from sale of shares of Unisys Softwares and Holding Industries Ltd. The assessment was completed under S...
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