Rs. 3.50 Cr Bogus Loan Addition: ITAT Delhi Quashes Reassessment Over Wrong PAN & Mechanical Approval

Spirit Global Constructions Pvt. Ltd. Vs ACIT (ITAT Delhi) Reopening on Wrong PAN Invalid & Mechanical Sanction & Casual Reasons Fatal to Reassessment- Rs. 3.50 Cr Bogus Loan Addition Set Aside on Technical Grounds In this case Assessee filed its return for AY 2012-13 declaring a loss of Rs. 2.91 crores which was accepted u/s 143(3) vide order dated 28.03.2014. Later, AO issued notice u/s 148 on 31.03.2019 alleging unexplained credits of Rs. 3.50 crores said to have been received from M/s Anamika Steel Traders Pvt. Ltd. & M/s Gajraj Steel Merchants Pvt. Ltd. The reassessment order ...