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ITAT quashed reassessment notice u/s 148 issued beyond three-year limitation period. Assessee engaged in derivative trading, booking profits within seconds by purchasing and immediately selling scrips at higher rates. AO alleged non-genuine profits constituted escaped income. Tribunal held mandatory conditions under s.149(1)(b) not satisfied as AO possessed no evidence of assets representing escaped income, no expenditure escaped assessment, and trading entries were already disclosed in books and credited to P&L account. Since profits were utilized for loan repayment and transactions were properly recorded, no income escaped assessment. Notice being time-barred and lacking statutory compliance was quashed. Assessee's appeal allowed.
ITAT quashed reassessment notice u/s 148 issued beyond three-year limitation period. Assessee engaged in derivative trading, booking profits within seconds by purchasing and immediately selling scrips at higher rates. AO alleged non-genuine profits constituted escaped income. Tribunal held mandatory conditions under s.149(1)(b) not satisfied as AO possessed no evidence of assets representing escaped income, no expenditure escaped assessment, and trading entries were already disclosed in books and credited to P&L account. Since profits were utilized for loan repayment and transactions were properly recorded, no income escaped assessment. Notice being time-barred and lacking statutory compliance was quashed. Assessee's appeal allowed.
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