ITAT Mumbai Voids Reassessment, Deletes Section 56(2)(viia) Addition

Rising Star Investment Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of Rising Star Investment Vs. ITO, has set aside reassessment proceedings and deleted an income addition for Assessment Year (AY) 2017-18. The appeal challenged an assessment order passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961, which had added Rs. 1,10,39,000/- under Section 56(2)(viia) of the Act. The assessee primarily contested the jurisdictional validity of the reassessment and, secondarily, the merits of the addition. The reassessment proceedings ...