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ITAT held reassessment proceedings under s.147 invalid where notice was issued to non-existent partnership firm. The tribunal emphasized that serving notice to defunct entity wasn't merely procedural defect but rendered proceedings void ab initio. Additionally, failure to provide reassessment reasons to assessee violated procedural safeguards, prejudicing taxpayer's right to file objections. Regarding s.68 additions for penny stock transactions, ITAT noted actual business losses incurred through listed securities via registered brokers resulted in fund depletion. Such debit transactions cannot constitute unexplained cash credits. Tribunal concluded s.68 inapplicable to genuine business losses, quashed reassessment order, and allowed assessee's appeal.
ITAT held reassessment proceedings under s.147 invalid where notice was issued to non-existent partnership firm. The tribunal emphasized that serving notice to defunct entity wasn't merely procedural defect but rendered proceedings void ab initio. Additionally, failure to provide reassessment reasons to assessee violated procedural safeguards, prejudicing taxpayer's right to file objections. Regarding s.68 additions for penny stock transactions, ITAT noted actual business losses incurred through listed securities via registered brokers resulted in fund depletion. Such debit transactions cannot constitute unexplained cash credits. Tribunal concluded s.68 inapplicable to genuine business losses, quashed reassessment order, and allowed assessee's appeal.
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