Addition to items not forming part of reassessment not sustainable: ITAT Kolkata

Glasseye Traders Pvt Ltd Vs ITO (ITAT Kolkata) ITAT Kolkata held that in course of reassessment, AO concludes that no additions or modifications are warranted under these heads, it would not be entitled to make any additions in respect of other items forming part of original return. Facts- Proceedings u/s 147 of the Income Tax Act, 1961 were initiated. It is recorded that AO received information from the Investigation Wing, Kolkata pertaining to 67 accounts with Industrial Development Bank of India, Bidhannagar, Kolkata. These accounts were held to be suspicious and information was passed on t...