Reassessment Quashed – No Addition on Original Reason for Reopening

ACIT Vs Somani Services Private Limited (ITAT Kolkata) The ITAT Kolkata dismissed the Revenue’s appeal and upheld the CIT(A)’s order quashing reassessment proceedings where the AO failed to make any addition on the issue for which the case was originally reopened. The reassessment was initiated alleging receipt of ₹2.50 crore from Eastern Navigation & Logistics Pvt. Ltd., but in the final order no addition was made on that issue; instead, additions u/s 68 were made for transactions with other parties. Following judicial precedents such as Jet Airways and Ranbaxy Laboratories, the Tri...