Penny Stock Case: Reassessment Notice u/s 148 Issued by JAO Held Invalid

ACIT Vs Pawan Cargo Forwards Pvt. Ltd (ITAT Chennai)

Background: 

Revenue filed appeal against CIT(A)’s order  deleting reassessment framed u/s 147/144B in the case of Pawan Cargo Forwards Pvt. Ltd. for AY 2013-14. AO had made additions on penny stock LTCG (scrip: Wagend Infra Ventures Ltd.) based on Investigation Wing report & director’s statement of Gateway Financial Services Ltd. AO alleged accommodation entries & treated LTCG as bogus. CIT(A) quashed reassessment holding that notice u/s 148 issued by Jurisdictional AO (JAO) instead of Faceless AO (FA

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