Reassessment on mere audit objections without any tangible material is invalid

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi) In this case Assessee had filed complete details as required during assessment proceedings and after complete verification of the details assessment was framed by AO under section 153/143(3) of Income Tax Act, 1961. AO had not produced any tangible material that there was failure on the part of the assessee to disclose fully and truly all material facts relevant to Assessment. AO initiated reassessment proceedings merely on the basis of audit objections raised by the department, which were not only illegal but also whimsical. Hence, initi...