Borrowed Satisfaction: Guwahati ITAT Quashes 147 Reopening & 68 Addition on Alleged F&O Loss

Assam Valley Finance and Investment Pvt. Ltd. Vs DCIT (ITAT Gauhati) NFAC Had No Jurisdiction, Borrowed Satisfaction Exposed: Guwahati ITAT Quashes 147 Reopening & 68 Addition on Alleged F&O Loss Guwahati ITAT, Guwahati Bench, in Assam Valley Finance and Investment Pvt. Ltd. Vs DCIT (ITA No.75/GTY/2025; AY 2016-17; order dated 18-12-2025), allowed the assessee’s appeal and quashed the reassessment framed u/s 147 r.w.s. 143(3) on multiple jurisdictional grounds. The Tribunal held that the assessment framed by NFAC on 29-03-2022 was without jurisdiction, since the faceless scheme for i...