No Valid Service, No Reassessment: AY 2009-10 ₹418 Cr Addition Order Struck Down

ACIT Vs Highvista Buildcon P. Ltd. (ITAT Delhi) Overview- The reassessment order for AY 2009-10 was quashed due to invalid service of the reopening notice under Section 148, rendering the proceedings legally void. Facts- Both Revenue and Assessee appealed against the CIT(A) order for AY 2009-10. The Revenue filed its appeal with a 26-day delay due to misplaced files, but the delay was condoned after considering reasonable cause and no serious objection from the assessee. The Revenue challenged the deletion of a huge addition (₹418,33,73,058) made under section 68 for unexplained credits, wh...