ITAT Ahmedabad Quashes Time-Barred Penny Stock Reassessments

Hiral Tapankumar Chudgar Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad quashes Penny Stock Reassessments for AYs 2017–18 & 2018–19 – Escaped Income below ₹50 Lakh, Notices beyond 3 years held invalid u/s 149(1)(b) Ahmedabad ITAT    has quashed reassessment proceedings for AYs 2017–18 &  2018–19 arising from alleged penny stock transactions in “Kushal Ltd.”, holding that the escaped income in each year was less than ₹50 lakh & , therefore, notices issued beyond three years from the end of the relevant assessment year were barred by limitation under the amended provisi...