ITAT Delhi Quashes Reassessment Orders for Failure to Provide Reasons for Reopening

R.K. Stockholding Private Ltd Vs ACIT (ITAT Delhi) In a batch of two appeals concerning Assessment Years 2016-17 and 2017-18, the ITAT Delhi allowed the appeals filed by the assessee and held the reassessment orders to be illegal. The cases had been reopened on allegations that the assessee misused clients’ securities for obtaining loans for itself and group entities. During assessment proceedings, the Assessing Officer stated that ledger accounts, bank statements, and details of pledged securities could not be accessed and concluded that the securities had been misused. The assessee consist...