Addition by Lower Authority Demonstrates Lack of Care, Reassessment Unwarranted

Rajendra Bhalchandra Mokashi Vs ITO (ITAT Mumbai) ITAT Mumbai held that addition foisted upon the assessee in injudicious manner by the lower authority demonstrates lack of requisite care and caution since neither the initiation of reassessment proceedings nor the consequent addition was warranted. Facts- Case of assessee was thus taken up for reopening u/s. 147 r.w.s. 148. AO observed that on going through the reply of the assessee, his contentions are not acceptable since in Form 26AS, he found that Rs.66,02,464/- is credited against the PAN of the assessee which assessee had not clarified. ...