Undated recorded reasons for reopening: ITAT Delhi Quashes Reassessment

Dev Raj Sharma Vs CIT (Appeals) (ITAT Delhi) In this case, the assessee challenged the order of the Commissioner of Income Tax (Appeals)/NFAC, which had upheld additions aggregating to ₹84.56 lakh made in a reassessment order. The reassessment proceedings were initiated under Sections 147/148 of the Income Tax Act, 1961 based on information that the assessee had sold an immovable property for ₹12 lakh whereas the circle rate was ₹22.50 lakh, resulting in an addition under Section 50C. Additional additions were also made for cash deposits of ₹20.31 lakh and unexplained investment in mut...