Borrowed Satisfaction Vitiates Reassessment – ITAT Quashes Reopening in Case of Alleged Bogus Purchases

Sumit Chhabra Vs Assessment Unit (ITAT Delhi) Borrowed Satisfaction Vitiates Reassessment – ITAT Quashes Reopening in Case of Alleged Bogus Purchases In cross appeals by Assessee & Revenue, Delhi ITAT dealt with reassessment initiated on the allegation that Assessee had taken accommodation entries of bogus purchases from M/s KB Enterprises amounting to ₹2.37 crore during FY 2017-18. The original return was filed declaring ₹18.15 lakh, which was already scrutinized & accepted u/s 143(3) by NFAC in April 2021. However, based on information from Investigation Wing regarding accommod...