https://www.taxtmi.com/caselaws?id=764744 ITAT Agra allowed the assessee's appeal challenging reassessment u/s 147. The case was reopened after four years based on alleged unexplained investment in shares, but AO made no additions regarding the specific issue that formed the basis for reopening. The assessee contended no actual share investment occurred, only F&O transactions that were squared off. ITAT held that when no additions are made on the grounds forming the belief for reopening under s.147, the reassessment order cannot be sustained even if additions are made on other issues. The reassessment was quashed following precedents from Bombay HC and Delhi HC. en-us Wed, 15 Jan 2025 00:00:00 +0530 Thu, 16 Jan 2025 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764744 ITAT Agra allowed the assessee's appeal challenging reassessment u/s 147. The case was reopened after four years based on alleged unexplained investment in shares, but AO made no additions regarding the specific issue that formed the basis for reopening. The assessee contended no actual share investment occurred, only F&O transactions that were squared off. ITAT held that when no additions are made on the grounds forming the belief for reopening under s.147, the reassessment order cannot be sustained even if additions are made on other issues. The reassessment was quashed following precedents from Bombay HC and Delhi HC. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764744