https://www.taxtmi.com/caselaws?id=314336 ITAT Delhi held reassessment proceedings invalid due to absence of tangible material outside the original record. The AO initiated reassessment without reason to believe income escaped assessment, as the assessee never claimed the amounts that formed basis of addition. The original assessment already contained categorical findings that the expenditure was not considered for deduction in P&L account. CIT(A) correctly deleted additions noting these amounts were never claimed as deductions in original proceedings. Reassessment failed legal test requiring fresh material beyond existing record. Decision favored assessee. en-us Fri, 23 Feb 2018 00:00:00 +0530 Sat, 01 Jun 2024 15:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314336 ITAT Delhi held reassessment proceedings invalid due to absence of tangible material outside the original record. The AO initiated reassessment without reason to believe income escaped assessment, as the assessee never claimed the amounts that formed basis of addition. The original assessment already contained categorical findings that the expenditure was not considered for deduction in P&L account. CIT(A) correctly deleted additions noting these amounts were never claimed as deductions in original proceedings. Reassessment failed legal test requiring fresh material beyond existing record. Decision favored assessee. Case-Laws Income Tax Fri, 23 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314336