Reopening Beyond 3 Years Invalid for Income Below ₹50L – Wrong Sec 151 Sanction Voids Reassessment – ITAT Mumbai

DCIT Vs Pranavkumar Prafulchandra Vora (ITAT Mumbai)

Reopening Beyond 3 Years Invalid Where Escaped Income & lt; ₹50 Lakh – Wrong Sanction u/s 151 Vitiates Reassessment – ITAT Mumbai

The Tribunal adjudicated cross appeals relating to alleged penny stock transactions where the AO reopened assessment and made addition u/s 68 alleging accommodation entries in the scrip of Alankit Ltd. However, the assessee challenged jurisdiction through cross-objection, co

Please become a Premium member. If you are already a Premium member, login here to access the full content.