AO Failed to Record Mandatory Conditions for Reopening: ITAT Deletes ₹13.10 Crore Share Capital Addition

Classic Transportation Private Limited Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, allowed the appeals filed by the assessees against reassessment orders relating to Assessment Years 2012-13 and 2011-12. The reassessments had been initiated to treat share application money of ₹12 crore and ₹1.10 crore received from M/s Concise Exim Private Limited as unexplained cash credits under the Income Tax Act, 1961. The assessees contended that the reassessment proceedings were invalid because the original assessments had already been completed under Section 143(3), and the...