Addition which is not based on reasons for reopening is un-sustainable sans notice u/s 148

Manu Stock Broking Private Limited Vs ACIT (ITAT Mumbai) Introduction: The case of Manu Stock Broking Pvt Ltd Vs ACIT, adjudicated by the Mumbai Income Tax Appellate Tribunal (ITAT), delves into the impact of additional issues on proceedings under sections 147 and 148 of the Income Tax Act. Let’s delve into a detailed analysis of the ruling. Detailed Analysis: The appeal was filed by the Assessee against the order passed by the Commissioner of Income-tax (Appeals)-47, Mumbai, pertaining to the Assessment Year 2013-14. The Assessee declared its total income at Rs. 6,01,110/- and was subse...