Reassessment quashed as reasons supplied to assessee & to higher forum were not same

Nvidia Graphics Pvt. Ltd. Vs ACIT (ITAT Bangalore)

ITAT Bangalore held that when the reasons supplied to the assessee and the reasons supplied before higher forum is not verbatim same, it cannot sustain the validity of reopening of assessment under section 147 of the Income Tax Act. Accordingly, reassessment order was quashed.

Facts- Post completion of assessment u/s. 143(3), reassessment u/s. 148 was initiated. The reason for issuance of notice under section 148 of the Act was to bring to tax value of the free assets received by the assessee from its parent

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