ITAT Delhi Quashes Reassessment – Borrowed Satisfaction from Investigation Wing Held Invalid

Prem Properties Private Limited Vs ACIT (ITAT Delhi) ITAT Delhi Quashes Reassessment – Borrowed Satisfaction from Investigation Wing Held Invalid Delhi Tribunal quashed the reassessment order holding that reopening u/s 147 was based on borrowed satisfaction without any tangible material, & hence void ab initio. Assessee, engaged in real estate business, had written off Rs.99 lakh as forfeiture of earnest money on two property deals with Kanwal Jeet Singh Kohli & Charan Jeet Singh Kohli. AO reopened the case on the basis of an Investigation Wing report following a search u/s 132 on an...