https://www.taxtmi.com/caselaws?id=761169 The ITAT Mumbai quashed reassessment proceedings initiated by the AO under invalid reasons. The assessee had filed returns which were processed under section 143(1) and subsequently scrutinized under section 143(3) where unsecured loans were examined and accepted. The AO erroneously reopened assessment believing the original return wasn't scrutinized, despite having already conducted scrutiny assessment and issued notices under section 142(1) for loan details. Since the AO's reasons to believe were based on incorrect facts regarding non-scrutiny of returns, the reassessment was held invalid and quashed. The assessee's appeal was allowed. en-us Tue, 15 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761169 The ITAT Mumbai quashed reassessment proceedings initiated by the AO under invalid reasons. The assessee had filed returns which were processed under section 143(1) and subsequently scrutinized under section 143(3) where unsecured loans were examined and accepted. The AO erroneously reopened assessment believing the original return wasn't scrutinized, despite having already conducted scrutiny assessment and issued notices under section 142(1) for loan details. Since the AO's reasons to believe were based on incorrect facts regarding non-scrutiny of returns, the reassessment was held invalid and quashed. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761169