ITAT Delhi Quashes Reassessment as ACIT Lacked Jurisdiction Under CBDT Income Limits

Sperry International Pvt Ltd Vs DCIT (ITAT Delhi) The assessee, a corporate entity, filed its return of income for Assessment Year 2013-14 declaring income of Rs. 9,94,049. Based on information alleging receipt of accommodation entries amounting to Rs. 1.55 crore, reassessment proceedings were initiated through a notice under Section 148 dated 27.03.2019 by the Assistant Commissioner of Income Tax (ACIT). The reassessment order dated 05.12.2019 resulted in an addition of Rs. 1.55 crore under Section 69B. The Commissioner of Income Tax (Appeals), NFAC, upheld the reassessment order. Before the ...