Reopening bad-in-law since AO unaware about exact nature of income which escaped assessment

Advertisement ITO Vs Magnetic Properties Exim Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that in case of reopening of assessment AO needs to have exact nature of income which is alleged to have escaped assessment. In absence of the same, reopening of assessment is bad in law and liable to be quashed. Facts- The Revenue has filed this appeal challenging the order dated 02-06-2023 passed by the CIT(A)-NFAC, Delhi and it relates to the Assessment Year (AY.) 2011-12. The Revenue is aggrieved by the decision of CIT(A) in deleting the addition made by the AO u/s 68 of the Income Tax Act, 1961. Conc...