AO Cannot Reopen on the Same Material Examined in U/s 153C Assessment: ITAT Quashes ₹2.90 Crore Addition

Ayaan Buildcon Pvt. Ltd. Vs DCIT (ITAT Delhi) AO Cannot Reopen on the Same Material Examined in U/s 153C Assessment: ITAT Quashes ₹2.90 Crore Addition The Delhi ITAT quashed the reassessment proceedings against Ayaan Buildcon Pvt. Ltd. for AY 2013-14, holding that the reopening under sections 147/148 was based on a complete non-application of mind and merely recycled information that had already been examined in an earlier assessment under section 153C. The assessee company was one of the entities linked to the Himanshu Verma group, where search proceedings had revealed an alleged network of...