ITAT Kolkata Quashes Reassessment: No Addition on Recorded Reason, Reopening Fails

Tirupati Vessel Pvt. Ltd. Vs DCIT (ITAT Kolkata) Reopening must survive on the reason recorded; if no addition is made on that reason, reassessment collapses- ITAT Kolkata Quashes Reassessment Kolkata Tribunal quashed reassessment proceedings, holding that reopening u/s 148A/147 was invalid as no addition was made on the very ground for which case was reopened. Assessee, engaged in shipping business, filed return declaring income of ₹43,001/-. Case was reopened u/s 148A(d) alleging suspicious transactions of ₹49,69,671/-. However, in reassessment order, no addition was made on that ground....