ITAT Delhi Quashes Reassessment Where No Addition Made on Recorded Reasons

Sankhwal Realtors Pvt. Ltd. Vs ITO (ITAT Delhi) Reassessment Quashed Where No Addition Made on Recorded Reasons – Addition u/s 69C Deleted as Reassessment Void- AO Cannot Travel Beyond Recorded Reasons Sankhwal Realtors Pvt. Ltd. had filed its return for AY 2012-13 declaring a nominal loss of Rs. 11,859. The company had purchased land at Village Dera Mandi, New Delhi for Rs. 1.80 crore. AO, based on information from Investigation Wing, alleged that the actual purchase price was Rs. 39.18 crore & recorded reasons that income of Rs. 37.38 crore had escaped assessment. On this basis, reasse...