Unverified Information: ITAT upholds quashing of Re-assessment Order

ITO Vs Tarik Tondon (ITAT Delhi) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Delhi upheld the order of the CIT(A) to annul the reassessment order for Tarik Tondon for the AY 2011-12. The reassessment was initiated based on information from an investigation wing, but was deemed unverified, leading to the deletion of an addition of Rs. 3,90,00,000 to Tondon’s income. The case represents an essential examination of the procedures surrounding income reassessment. The ITAT found the Assessing Officer (AO) initiated the reassessment proceedings based on information receiv...