ITAT Mumbai Invalidates Reassessment as Bogus Purchases Not ‘Asset’ Under Section 149

Shairul Impex Vs ITO (ITAT Mumbai) The assessee filed an appeal against the order dated 22.08.2025 passed by the Commissioner of Income Tax (Appeals), NFAC, Delhi, for Assessment Year 2014–15, arising from an assessment order passed under sections 147 read with 144 of the Income Tax Act dated 11.05.2023. The appeal involved both legal challenges to reassessment proceedings and objections to the addition of ₹3,02,93,611 on account of alleged bogus purchases. At the outset, the assessee chose not to press certain grounds relating to the validity of the notice under section 148 on account of ...