Reopening Invalid Where No Addition Made on Recorded Reasons: ITAT Quashes Bogus Loss Disallowance

Bindu Dharmesh Bhatt Vs ACIT (ITAT Ahmedabad) Reopening Invalid Where No Addition Made on Recorded Reasons: ITAT Quashes Bogus Loss Disallowance The Ahmedabad Bench of the Income Tax Appellate Tribunal quashed the reassessment proceedings for AY 2011-12, holding that the reopening under section 147 was without jurisdiction since no addition was ultimately made on the issues forming the basis of the recorded reasons. The Assessing Officer reopened the assessment on the alleged non-disclosure of (i) commodity purchases of ₹5.99 lakh and (ii) interest income of ₹2.16 lakh. However, during rea...