Reopening Invalid – No Addition on Recorded Reasons; MAT U/s 115JB Quashed per Jet Airways – ITAT Mumbai

Pentokey Organy (India) Ltd. Vs DCIT (ITAT Mumbai) Reopening Held Invalid – No Addition on Recorded Reasons; MAT Computation U/s 115JB Quashed Following Jet Airways – ITAT Mumbai Reassessment u/s 147 was initiated alleging excessive payments to related parties; however, during reassessment AO accepted returned income and made no addition on reasons recorded for reopening. Despite this, AO computed book profit u/s 115JB and raised MAT demand of ₹1.72 Cr without any discussion or adjustment in assessment order. Tribunal held that once AO accepts that income forming basis of reopeni...