Reassessment Quashed as Section 143(2) Notice Was Issued Without Jurisdiction: ITAT Kolkata

Baljit Securities Pvt. Ltd. Vs ACIT (ITAT Kolkata) The appeal arose from reassessment proceedings for Assessment Year 2013-14. The assessee had originally filed its return declaring nil income, and the assessment was completed under Section 143(3) at a total income of ₹62,67,810. Subsequently, the assessment was reopened based on information from the Investigation Wing alleging that the assessee had received ₹20,00,000 from two alleged paper/shell companies. The Assessing Officer made an addition of ₹20,00,000 under Section 68, which was upheld by the Commissioner (Appeals). The assessee...