ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]

Reassessment Found Invalid as Intraday Profit Did Not Exceed Threshold for Action
By Sneha Sukumaran Mullakkal - On October 4, 2024 9:28 am - 2 mins read
Income Tax - ITAT - ITAT Ahmedabad - Reassessment in income tax - TAXSCAN

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the ₹10 lakh reassessment, ruling it invalid due to an intraday profit of Rs.49,792 falling below the threshold for reopening under Section 147 of Income Tax Act,1961. Amish Manubhai Brahmbhatt,the appellant-assessee,was engaged in share trading and reported an income of Rs. 3,62,340 for…

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