https://www.taxtmi.com/caselaws?id=773407 ITAT Pune quashed a notice issued under section 148 for reopening assessment beyond three years limitation period. The AO alleged non-genuine profits from immediate buying and selling of scrips within seconds. The tribunal held that mandatory requirements under section 149(1)(b) were not satisfied as the AO lacked 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, the notice was barred by limitation and quashed. en-us Fri, 06 Dec 2024 00:00:00 +0530 Sat, 21 Jun 2025 11:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773407 ITAT Pune quashed a notice issued under section 148 for reopening assessment beyond three years limitation period. The AO alleged non-genuine profits from immediate buying and selling of scrips within seconds. The tribunal held that mandatory requirements under section 149(1)(b) were not satisfied as the AO lacked 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, the notice was barred by limitation and quashed. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773407