Reassessment on Illiquid Derivatives Set Aside as notice was time-barred

Nilesh Shirish Mehta Vs ITO (ITAT Mumbai) Late 148 Notices for AY 2015-16 Invalid – ITAT Mumbai Grants Full Relief-All Additions Quashed as Reassessment Void-Ab-Initio Assessee, Nilesh Shirish Mehta, filed appeal against the order of CIT(A), NFAC, Delhi dated 03.06.2025. The case was reopened on the basis of information that Assessee had generated non-genuine profit/loss on illiquid derivatives through Goodluck Securities Pvt. Ltd. & SPS Share Brokers Pvt. Ltd. AO issued notice u/s 148 dated 28.07.2022, invoking SC decision in Union of India Vs Ashish Agarwal (2022 SCC Online SC 543). As...