Reassessment u/s 148 Quashed Where No Addition Made on Recorded Reasons: ITAT Cuttack

Advertisement Arpita Jena Vs ITO (ITAT Cuttack) Reassessment u/s 148 Quashed Where No Addition Made on Recorded Reasons; Entire Proceedings Held Invalid – ITAT Cuttack The ITAT Cuttack allowed the assessee’s appeal for AY 2016-17 & quashed the reassessment proceedings u/s 147/148, holding that the reassessment cannot survive when no addition is ultimately made on the very reasons recorded for reopening. In this case, the AO issued notice u/s 148 solely on the ground that the assessee had sold an immovable property for ₹75 lakh & had not filed return of income. However, during ...