Reassessment Quashed as AO Relied Only on Existing Records for Loan Waiver Addition

Advertisement Mukat Pipes Limited Vs ACIT (ITAT Mumbai) In , the Mumbai ITAT dealt with the validity of reassessment proceedings and the taxability of waiver of principal loan amount under Sections 41(1) and 28(iv) of the Income Tax Act for AY 2012-13. The assessee had originally filed its return declaring nil income after set-off of carried forward losses, and assessment under Section 143(3) was completed on 17.03.2015. Subsequently, the Assessing Officer reopened the assessment under Section 147 by issuing notice under Section 148 on 27.03.2019 on the ground that the assessee had credited...