Reassessment Quashed as AO Relied on Incorrect AIR Information: ITAT Amritsar

Sh. Sukhvir Singh Vs ITO (ITAT Amritsar) The appeal was filed against the order of the National Faceless Appeal Centre (NFAC)/CIT(A), which had confirmed additions of ₹29,00,000 under Section 69A on account of cash deposits in bank accounts and ₹64,644 on account of accrued interest for Assessment Year 2011-12. The appeal before the ITAT was filed with a delay of 17 days, which was condoned. The assessee challenged the validity of the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax Act. The case had been reopened on the basis of AIR information alleging that...