AdvertisementAkriti Financial Private Limited Vs DCIT (ITAT Delhi) Delhi ITAT Quashes Reassessment Where AO Failed to Make Addition on the Recorded Reason for Reopening The Delhi ITAT quashed the reassessment proceedings for AYs 2013-14 and 2014-15, holding that the very foundation of the reopening failed since the Assessing Officer did not make any addition on the issue recorded as the “reason to believe.” The reassessment was initiated on the allegation that the assessee had provided or received fictitious share application money through accommodation entries involving M/s Rakesh Raj & As...