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ITAT ruled the assessment order invalid due to procedural deficiencies and lack of proper jurisdiction. The AO failed to issue mandatory notice under Section 143(2) before assessment, which the SC has established as sine qua non for jurisdictional validity. The assessment order was deemed cryptic, lacking detailed analysis of transactions, correlation with books of accounts, and source identification for alleged unexplained cash credits. The AO also failed to address the assessee's objections regarding reopening of assessment. Despite similar grounds for reopening assessment in AY 2012-13, no additions were made for that year. The tribunal quashed the reopening as legally defective and found the additions unsustainable on merits. Appeal allowed in favor of assessee.
ITAT ruled the assessment order invalid due to procedural deficiencies and lack of proper jurisdiction. The AO failed to issue mandatory notice under Section 143(2) before assessment, which the SC has established as sine qua non for jurisdictional validity. The assessment order was deemed cryptic, lacking detailed analysis of transactions, correlation with books of accounts, and source identification for alleged unexplained cash credits. The AO also failed to address the assessee's objections regarding reopening of assessment. Despite similar grounds for reopening assessment in AY 2012-13, no additions were made for that year. The tribunal quashed the reopening as legally defective and found the additions unsustainable on merits. Appeal allowed in favor of assessee.
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