AO has no jurisdiction when reasons for initiation of Reassessment proceedings cease to survive

ITO Vs Aggregate Finance & Investment P. Ltd (ITAT Delhi) Be that as it may, as adverted to supra, the case of the Ld. AO while recording the reasons was that the assessee derived the income as a provider of bogus accommodation entries. However, the addition was made on account of receipt of share application money. The issue of bogus entry operation is given a go bye during the assessment proceedings. In such circumstances, the question arises as to whether the learned AO could proceed to make any addition of any other income chargeable to tax in such circumstances. This issue is no longe...