Reopening quashed as objections raised not disposed of by AO: ITAT Mumbai

Advertisement Prasanth Sunil Kumar Bohra Vs ITO (ITAT Mumbai) ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act is liable to be quashed in as much as objections raised by the assessee were not disposed of by AO by passing a speaking order as per the guidelines issued by the Hon’ble Supreme Court in case of KGN Driveshafts. Facts- Post scrutiny assessment, AO reopened the case on the ground that assessee had not truly and correctly disclosed the quantum of transactions done during the year in the return of income. The AO had reasoned to believe that inco...