Reassessment Quashed for Missing 143(2) Notice and Ignoring Valid Return

Rakesh Chopra Vs ITO (ITAT Delhi)

No 143(2) Notice & Wrongly Ignored Valid Return – Reassessment Quashed ITAT Delhi Deletes ₹50.50 Lakh Addition

Assessee declared income of ₹2,65,566. The case was reopened u/s 147 and a fresh return was filed in response to notice u/s 148 on 30.10.2018. Assessment was completed u/s 147/143(3) on 12.12.2018 by adding ₹50,50,000 u/s 69 as unexplained investment in Milestone Capital Advisors Ltd. CIT(A) dismissed the appeal on 05.09.2024.

Before Tribunal, Assessee demonstrated that the return filed on 30.10.2

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