Quashed Reassessment: Borrowed Info & Sec 151 Approval Invalid

Satbir Vs ITO (ITAT Delhi) Reopening Quashed – AO Recorded Wrong Facts, Wrong AY & Ignored Co-Purchasers; Mechanical 151 Approval Also Invalid The Assessee appealed against the NFAC order dated 20.02.2024 sustaining reassessment u/s 147/143(3) wherein AO had added ₹78,00,000 as unexplained investment u/s 69 on the allegation that the Assessee purchased a property for ₹78 lakh but registered it for only ₹15 lakh. Chronology of earlier proceedings: • Original assessment u/s 143(3) completed on 25.02.2014.• Order revised u/s 263 on 11.02.2016, resulting in fresh assessment u/s...