ITAT Quashes Reassessment over Incorrect PAN & for Non-Consideration of Reply

Geora Agriculture Co-Operative Service Society Limited Vs ITO (ITAT Chandigarh) In this case, the assessee, a co-operative society engaged in Public Distribution System (PDS) activities, sale of fertilizers, and providing loans to members, challenged the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Act for AY 2015–16. The reassessment was based on information from the Insight Portal alleging cash deposits and time deposits in bank accounts. The Assessing Officer treated cash deposits of Rs. 3.25 crore and time deposits of Rs. 3.85 crore as unexplained money...