Delhi ITAT Quashes Reopening Based on Mere Audit Objection: No New Material to Invoke Section 147

Sigma Paradise Vs DCIT (ITAT Delhi) Delhi ITAT Quashes Reopening Based on Mere Audit Objection: No New Material to Invoke Section 147 Delhi ITAT considered an appeal challenging reassessment proceedings initiated u/s 147 r.w.s. 144B. Assessee, a partnership firm engaged in cultivation & trading of agri-products, had originally been assessed u/s 143(3) on 29/12/2015, wherein long-term capital gain was computed after accepting indexed cost of purchase, indexed cost of improvement & transfer expenses. Subsequently, notice u/s 148 dated 25/03/2021 was issued on the premise that the stamp d...