ITAT quashes Reassessment based on vague Accommodation Entry Information  

SFS Infinite Ltd Vs DCIT (ITAT Delhi) The appeal filed by SFS Infinite Ltd against the order of the Commissioner of Income Tax (Appeals)-X, New Delhi (CIT(A)), emerges from the assessment order passed by the Assessing Officer (AO) under Section 143(3) r.w. Section 147 of the Income Tax Act, 1961 for AY 2003-04. The case revolves around the legitimacy of the AO’s jurisdiction under Section 147 and the validity of additions under Section 68 of the Act. In this case, the AO invoked jurisdiction under Section 147 based on information suggesting that SFS Infinite Ltd had benefitted from accom...