ITAT Deletes Addition for Mutual Fund Investment Made Under Wrong PAN

Aquakiosk India Private Limited Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi bench, has allowed the appeal of Aquakiosk India Private Limited, quashing a reassessment order and deleting an addition of Rs. 14,03,321/- made by the Assessing Officer (AO) for Assessment Year 2012-13. The Tribunal’s decision, pronounced on June 27, 2025, primarily hinged on the procedural flaw of the AO failing to provide reasons for initiating reassessment proceedings and the substantive finding that the alleged unexplained investments were legitimate “switch-outs” within m...