ITAT Chennai Quashes Reassessment which was Based on mere Audit Objection

ITO Vs Ambattur Constructions Pvt. Ltd. (ITAT Chennai) Original assessment completed   u/s  143(3) accepting returned income of ₹7.82 lakhs. Later reopened u/s  147 r.w.s. 144B based on audit objection. AO added ₹6.52 crores received  by assessee on retirement from a firm   u/s  28(ii) (business income). Reopening was originally intended for an addition u/s  68 (unexplained cash credits), but no such addition was made. CIT(A) quashed the reassessment holding that that reopening was based merely on audit objection & not on any new tangible material, terming the reopening as cha...