Reassessment Invalid as AO Made No Addition on Recorded Reasons for Reopening: ITAT Delhi

Advertisement AKC Retailers Private Limited Vs DCIT/ACIT (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee for Assessment Year 2012-13, holding that the Assessing Officer (AO) had exceeded the jurisdiction assumed under Section 147 of the Income-tax Act by making additions on issues that were not part of the reasons recorded for reopening the assessment. The assessee had originally filed its return of income declaring an income of Rs. 5,509, which was processed under Section 143(1). Subsequently, based on information received f...