ITAT Upholds Original Assessment, Rejects Reopening for Failure to Record Assessee’s Failure

ITO Vs Nova Formworks Private Ltd. (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi dismissed the Revenue’s appeal against the Commissioner of Income Tax (Appeals)-13, New Delhi [CIT(A)] regarding the reassessment of Nova Formworks Private Ltd. for Assessment Year 2007-08. The reassessment was initiated under Section 147 of the Income-tax Act, 1961, based on information that the assessee allegedly received an accommodation entry of ₹15 lakhs from MARRASS Industries Ltd. The Assessing Officer (AO) had previously completed the original assessment under Section 143(3) in 2009, determin...