ITAT Delhi Quashes Assessment as AO Exceeded CASS Limited Scrutiny Scope

Priyanka Ashok Vs ACIT (ITAT Delhi) The appeal before the ITAT Delhi concerned whether the Assessing Officer (AO) exceeded the scope of limited scrutiny while disallowing loan interest in Assessment Year 2015-16. The assessee’s case had been selected for limited scrutiny through CASS solely for the reason of “Increase in Capital.” During assessment proceedings, the AO examined the assessee’s purchase of property at C-4, Jantar Mantar Road, New Delhi, acquired on 18.02.2014 as a business asset for ₹11.99 crore. The purchase was partly financed through an unsecured loan of ₹1.40 cror...