https://www.taxtmi.com/caselaws?id=764037 ITAT Delhi allowed assessee's appeal challenging reassessment u/s 147. AO alleged unexplained investment in immovable property as co-sharer and undervaluation of sold property, but made additions for agricultural land purchases through banking channels unconnected to recorded reasons. Court held additions cannot be made on grounds different from those recorded for assuming jurisdiction u/s 147. Reasons were vague, non-descriptive, and failed to specify property particulars, making reopening notice unsustainable. Revenue could not establish connection between additions and escapement allegations in recorded reasons. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 02 Jan 2025 08:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764037 ITAT Delhi allowed assessee's appeal challenging reassessment u/s 147. AO alleged unexplained investment in immovable property as co-sharer and undervaluation of sold property, but made additions for agricultural land purchases through banking channels unconnected to recorded reasons. Court held additions cannot be made on grounds different from those recorded for assuming jurisdiction u/s 147. Reasons were vague, non-descriptive, and failed to specify property particulars, making reopening notice unsustainable. Revenue could not establish connection between additions and escapement allegations in recorded reasons. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764037