ITAT Mumbai: Reassessment Void for Faceless Violation – ₹1.64 Cr Addition Collapses

ITO Vs Geeta Kirit Muchhala (ITAT Mumbai) ITAT Mumbai: Reassessment Void for Faceless Violation – ₹1.64 Cr Addition Collapses In this case, the ITAT Mumbai upheld the CIT(A)’s order quashing reassessment proceedings involving ₹1.64 crore addition u/s 68 arising from alleged accommodation entries in illiquid stock transactions. The Tribunal noted that the entire reassessment was fundamentally flawed, as the notice u/s 148 and subsequent proceedings were not issued through the faceless mechanism mandated under Section 151A. The Hon’ble Bombay High Court, in the assessee’s own case, h...