https://www.taxtmi.com/caselaws?id=766282 ITAT Delhi quashed reassessment proceedings initiated under section 147 against a non-existent partnership firm, holding that notices issued to non-existing entities are legally invalid despite revenue authorities' knowledge of dissolution. The tribunal also rejected additions under section 68 for alleged undisclosed income from penny stock transactions, ruling that actual business losses resulting in fund depletion cannot constitute unexplained cash credits. Additionally, failure to provide reasons for reopening assessment violated procedural requirements, causing prejudice to the assessee's right to file objections. en-us Wed, 19 Feb 2025 00:00:00 +0530 Fri, 21 Feb 2025 08:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766282 ITAT Delhi quashed reassessment proceedings initiated under section 147 against a non-existent partnership firm, holding that notices issued to non-existing entities are legally invalid despite revenue authorities' knowledge of dissolution. The tribunal also rejected additions under section 68 for alleged undisclosed income from penny stock transactions, ruling that actual business losses resulting in fund depletion cannot constitute unexplained cash credits. Additionally, failure to provide reasons for reopening assessment violated procedural requirements, causing prejudice to the assessee's right to file objections. Case-Laws Income Tax Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766282