https://www.taxtmi.com/caselaws?id=755351 The ITAT Delhi quashed an assessment order under section 147 read with section 143(3) involving additions under section 68 for unproven transactions. The AO had accepted the assessee's objections regarding the original basis for reopening but proceeded to assess income on different grounds. Following precedents from Jet Airways and Ranbaxy Laboratories cases, the tribunal held that the AO cannot assess income on issues other than those forming the basis of the reopening notice. The decision favored the assessee. en-us Mon, 22 Jan 2024 00:00:00 +0530 Thu, 11 Jul 2024 08:37:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755351 The ITAT Delhi quashed an assessment order under section 147 read with section 143(3) involving additions under section 68 for unproven transactions. The AO had accepted the assessee's objections regarding the original basis for reopening but proceeded to assess income on different grounds. Following precedents from Jet Airways and Ranbaxy Laboratories cases, the tribunal held that the AO cannot assess income on issues other than those forming the basis of the reopening notice. The decision favored the assessee. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755351