ITAT Lucknow Upholds Reopening u/s 150; Deletes Unsecured Loan Addition

Alok Kumar Rungta Vs National Faceless Appeal Centre (ITAT Lucknow) ITAT Lucknow Upholds Reopening Pursuant to CIT(A) Direction u/s 150, Deletes Unsecured Loan Addition The Lucknow Bench (SMC) of the ITAT partly allowed the assessee’s appeal for AY 2014-15. The Tribunal upheld the validity of reassessment initiated under section 147 pursuant to a direction issued by the CIT(A) under section 150(1), holding that the Assessing Officer was empowered to issue notice under section 148 at any time to give effect to a finding or direction in an appellate order. The assessee’s challenge based on C...