The ITAT held that the AO exceeded jurisdiction by making...

The ITAT held that the AO exceeded jurisdiction by making additions in the reassessment order beyond the income specified in the reasons recorded under section 148. Although the reassessment was initiated for verification of unexplained investment in the purchase of immovable property, no adverse finding or addition was made on this issue. The AO proceeded to assess capital gains and disallow interest on home loans unrelated to the recorded reasons. The Tribunal reiterated that the AO cannot independently assess income outside the scope of the reasons recorded for reopening. Consequently, the reassessment order under section 147 was quashed, and the appeal of the assessee was allowed.