https://www.taxtmi.com/caselaws?id=765494 ITAT Delhi held that AO exceeded jurisdiction by making additions under section 41(1) for remission/cessation of creditor liability during reassessment proceedings initiated for unexplained bank credits. The tribunal ruled that since the addition was unrelated to the original reasons recorded under section 148(2) for reopening assessment, AO was required to issue fresh notice under section 148 for the new issue. Without such notice, the addition under section 41(1) was deemed unwarranted and unsustainable in law, resulting in the assessee's grounds being allowed. en-us Wed, 29 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765494 ITAT Delhi held that AO exceeded jurisdiction by making additions under section 41(1) for remission/cessation of creditor liability during reassessment proceedings initiated for unexplained bank credits. The tribunal ruled that since the addition was unrelated to the original reasons recorded under section 148(2) for reopening assessment, AO was required to issue fresh notice under section 148 for the new issue. Without such notice, the addition under section 41(1) was deemed unwarranted and unsustainable in law, resulting in the assessee's grounds being allowed. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765494