No Fishing Enquiries in Reassessment – Pune ITAT Quashes 148 Proceedings After AO Dropped Original Issue!

Raigad District Police Cooperative Credit Society Limited Vs ITO (ITAT Pune) No Fishing Enquiries in Reassessment – Pune ITAT Quashes 148 Proceedings After AO Dropped Original Issue! The Pune ITAT quashed reassessment proceedings holding that once the Assessing Officer accepted the explanation regarding the very issue for which reopening was initiated, he could not make a fresh addition on another issue without issuing a separate notice u/s 148. The case was reopened on the basis of alleged unexplained cash deposits of ₹1.28 crore in the assessee co-operative society’s bank account. ...