Reassessment Quashed Because Section 148 Notice Was Time-Barred

Vinay Narayan Kedia Vs ITO (ITAT Delhi) AY 2015-16 Reassessment Time-Barred Post Rajeev Bansal: ITAT Mumbai Quashes Section 148 Notice & Penny-Stock Addition The Mumbai ITAT “F” Bench allowed the appeal of Mr. Vinay Narayan Kedia (ITA No. 5289/Mum/2024, AY 2015-16) by quashing the reassessment proceedings as time-barred, holding that the notice issued u/s 148 dated 26.07.2022 was beyond limitation in light of the Supreme Court ruling in UOI vs. Rajeev Bansal and, consequently, set aside the entire assessment including the penny-stock addition of ₹1.26 crore u/s 68 The case was re...