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Quashed Reassessment: Borrowed Info & Sec 151 Approval Invalid
Case Law Details
- Case Name
- Satbir Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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Satbir Vs ITO (ITAT Delhi)
Reopening Quashed – AO Recorded Wrong Facts, Wrong AY & Ignored Co-Purchasers; Mechanical 151 Approval Also Invalid
The Assessee appealed against the NFAC order dated 20.02.2024 sustaining reassessment u/s 147/143(3) wherein AO had added ₹78,00,000 as unexplained investment u/s 69 on the allegation that the Assessee purchased a property for ₹78 lakh but registered it for only ₹15 lakh.
Chronology of earlier proceedings:
• Original assessment u/s 143(3) completed on 25.02.2014.• Order revised u/s 263 on 11.02.2016, resulting in fre...
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