https://www.taxtmi.com/caselaws?id=448789 The ITAT Raipur held in favor of the assessee on two grounds. First, regarding validity of reopening under section 147, the AO failed to make any addition for the specific reason the case was reopened (interest income receipt), thus lacking valid jurisdiction to frame the assessment. Second, concerning limited scrutiny assessment, the AO exceeded jurisdiction by making additions on items not covered under the original scope (large share premium verification) without obtaining required Pr. CIT approval to convert limited scrutiny into complete scrutiny as mandated by CBDT Circular 20/2015. Both assessments were quashed. en-us Thu, 25 Jan 2024 00:00:00 +0530 Wed, 08 May 2024 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448789 The ITAT Raipur held in favor of the assessee on two grounds. First, regarding validity of reopening under section 147, the AO failed to make any addition for the specific reason the case was reopened (interest income receipt), thus lacking valid jurisdiction to frame the assessment. Second, concerning limited scrutiny assessment, the AO exceeded jurisdiction by making additions on items not covered under the original scope (large share premium verification) without obtaining required Pr. CIT approval to convert limited scrutiny into complete scrutiny as mandated by CBDT Circular 20/2015. Both assessments were quashed. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448789