Reassessment Invalid if No Addition on Original Issue; AO Cannot Add on Other Grounds

Parasram Commodities Private Limited Vs DCIT (ITAT Delhi) The appeal before the tribunal arose from a reassessment order passed under Sections 143(3) read with 147 of the Income Tax Act for Assessment Year 2012–13. The assessee had originally filed its return declaring total income of ₹3,78,75,070, and the assessment was completed under Section 143(3). Subsequently, the case was reopened based on information received from the Investigation Wing indicating that the assessee had advanced ₹1 crore to an individual in connection with the latter’s purchase of immovable property. During reas...