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Reopening Invalid – No Addition on Recorded Reasons; MAT U/s 115JB Quashed per Jet Airways – ITAT Mumbai
Case Law Details
- Case Name
- Pentokey Organy (India) Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Pentokey Organy (India) Ltd. Vs DCIT (ITAT Mumbai)
Reopening Held Invalid – No Addition on Recorded Reasons; MAT Computation U/s 115JB Quashed Following Jet Airways – ITAT Mumbai
Reassessment u/s 147 was initiated alleging excessive payments to related parties; however, during reassessment AO accepted returned income and made no addition on reasons recorded for reopening. Despite this, AO computed book profit u/s 115JB and raised MAT demand of ₹1.72 Cr without any discussion or adjustment in assessment order. Tribunal held that once AO accepts that income forming basis of reopeni...
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