ITAT Delhi Remands Reopening on Audit Objection; Dissenting View Quashes as Change of Opinion

India Exposition Mart Ltd. Vs DCIT (ITAT Delhi) ITAT Delhi: Reopening on basis of audit objection – Matter remanded to CIT(A) to ascertain AO’s independent belief; Dissenting view quashes reopening as change of opinion Delhi ITAT in the case of M/s India Exposition Mart Ltd. vs. DCIT delivered a split verdict on the validity of reassessment proceedings initiated u/s 147  on the basis of an audit objection regarding the write-off of ₹1.81 crore in respect of an abandoned Phase-III project. Original assessment order u/s 143(3) was passed on 09.12.2011. The only addition made by AO was a...