ITAT Mumbai quashes Reassessment Due to Lack of Mind Application

Ankur Power Projects Pvt Ltd Vs ITO (ITAT Mumbai) Introduction: The recent order by the Income Tax Appellate Tribunal (ITAT) Mumbai in the case of Ankur Power Projects Pvt Ltd vs ITO highlights a significant development in reassessment proceedings. The ITAT quashed the reassessment, citing a lack of application of mind by the Assessing Officer (AO). This article provides a detailed analysis of the ITAT Mumbai order, focusing on the reasons for the reassessment being deemed invalid and its implications. Detailed Analysis: Ankur Power Projects Pvt Ltd, engaged in the electricity business, contes...