Section 147 reassessment cannot stand if foundational addition prompting reopening is invalidated

Mahesh Kumar Vs ITO (ITAT Delhi) In Mahesh Kumar v. ITO (ITA No. 2650/Del/2024, AY 2012-13), the assessee, a government employee, filed his return disclosing only salary income. Following a report from the Investigation Wing, the Assessing Officer (AO) reopened the assessment under Section 147, alleging receipt of ₹9.60 lakh as an accommodation entry claimed as exempt long-term capital gains (LTCG) under Section 10(38). In reassessment, the AO added ₹9.60 lakh LTCG under Section 68, ₹15.48 lakh towards cash and cheque deposits under Section 68, and ₹20.62 lakh towards property investme...