Penny-Stock Reassessments Upheld, But Ex-Parte Orders Set Aside

Ranjitsinh Kanubhai Rathod Vs ITO (ITAT Ahmedabad)

Penny-Stock Reassessments- Jurisdictional Objections Fail, But Natural Justice Wins—Cases Sent Back to CIT(A)

Assessee faced three reassessments based on information that he allegedly earned bogus LTCG from penny stock (Kushal Ltd). AO issued notices u/s 148 (31.03.2021; 31.03.2022; 23.03.2023) & completed reassessments u/s 147 r.w.s.144/144B for all three years, making additions u/s 69A for unexplained LTCG & u/s 69C @ 2% for alle

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