Legal Updates 25 September 2026
ITAT Nullifies Rs 39.92 Lakh Penny Stock Reassessment
The Income Tax Appellate Tribunal (ITAT) cancelled a Rs 39.92 lakh reassessment of a penny‑stock deal, finding the Section 148 notice was time‑barred. The ruling highlights strict procedural limits and could affect other tax cases on small‑cap shares.
The ITAT set aside a Rs 39.92 lakh reassessment on a penny‑stock transaction, ruling the Section 148 notice was issued beyond the allowed time frame.
- Decision reinforces strict adherence to procedural timelines.
- May influence other tax disputes involving small‑cap equities.
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