ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case:
ITAT held that reassessment based on general information without independent verification is invalid and deleted all additions in a penny stock case due to lack of evidence.
Reopening Without Independent Inquiry Invalid: ITAT
Saloni Kumari
Apr 3, 2026
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ITAT Quashes Reassessment Based on ‘Borrowed Satisfaction’, Grants Relief in Rs 1.59 Crore Penny Stock Case
ITAT held that reassessment based on general information without independent verification is invalid and deleted all additions in a penny stock case due to lack of evidence.
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Saloni Kumari
Content Writer
Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].
Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].
StudyCafe
Delhi, Delhi, India
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