Reassessment Invalid if Original Escaped Income Not Added & Reasons are Vague or Scanty

Neena Commercial Pvt. Ltd. Vs ACIT (OSD) (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT) Kolkata has ruled in favor of Neena Commercial Pvt. Ltd., quashing the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961. The case arose after the Assessing Officer (AO) reopened the assessment based on information alleging that the assessee had received accommodation entries amounting to ₹15 lakh. However, after examining the details, no addition was made regarding this amount. Instead, the AO made an unrelated addition of ₹6.38 crore related to the sale of shares of...