Reassessment Jurisdiction Lost After Stated Reason Addressed, Further Additions Unlawful.

The Income Tax Appellate Tribunal (ITAT) ruled that once the Assessing Officer (AO) found the cash deposit issue, which prompted reassessment under section 147, satisfactorily explained, he lost jurisdiction to make further additions or disallowances. Since the initial reason for reopening the assessment was resolved, the AO should have issued a nil order. Any additional assessments, including disallowances under sections 56 and 80P, were deemed unlawful. Consequently, the appeal by the taxpayer was allowed. .....

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