CIT(A) cannot travel beyond Reopening Reasons: ITAT Bangalore

Alok Anand Vs ITO (ITAT Bangalore) ITAT Bangalore: CIT(A) cannot travel beyond Reopening Reasons – Additions on Share Trading Deposits Quashed Assessee, a UK-based professional, had not filed returns for AYs 2011-12 & 2012-13. Based on information from the Investigation Wing,  AO reopened assessments u/s 147/148 alleging Cash deposits in bank accounts &   Large investments in mutual funds. As Assessee did not respond to statutory notices,  AO completed the reassessment u/s 144 r.w.s. 147, treating ₹2.08 lakh as unexplained cash deposits&   ₹1.41 crore (AY 2011-12) &...