Assessment Quashed for Failure to Decide Reopening Objections Before Completion of reassessment

Gahoi Vaishya Kalyan Samiti Vs ITO (ITAT Lucknow) The appeal before the ITAT Lucknow arose from the order of the CIT(A), NFAC, which had upheld an assessment framed under Sections 147 and 148 for AY 2015-16. The assessee challenged the validity of the reassessment proceedings as well as the addition of Rs. 4,00,16,602, contending that the amount represented deemed application under clause (2) of Explanation (1) to Section 11(1) and was not required to be disclosed in Schedule-I of ITR-7. The Assessing Officer reopened the assessment on the belief that the assessee had made unexplained investme...