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| The Tax Publishers2019 TaxPub(DT) 1032 (Asr-Trib) : (2019) 069 ITR (Trib) 0687 INCOME TAX ACT, 1961
Section 147
Since, AO while issuing notice under section 148 simply acted upon information received from investigation wing and did not apply his own mind, therefore, reopening of assessment was not valid and reassessment framed by AO was quashed.
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Reassessment - Reason to believe - Information emanated from investigation wing - Non-application of mind
AO on the basis of information emanated from investigation wing, reopened assessment by issuing notice under section 148 and treated loan received by assessee from MISN as unexplained cash credit.Held: It is an admitted fact that original assessment was framed under section 153C after making deep scrutiny. In the original return, assessee had furnished the particulars of loan received from M/s. N in the Tax Audit Report. AO while issuing notice under section 148 simply acted upon information received from investigation wing and did not apply his own mind, of assessment was not valid and reassessment framed by AO was quashed.
Relied:Pr. CIT-4 v. G & G Pharma Ltd. (2016) 384 ITR 147 (Del-HC) : 2015 TaxPub(DT) 4054 (Del-HC) and Signature Hotels (P) Ltd. v. ITO and Anr. (2011) 338 ITR 51 (Del-HC) : 2011 TaxPub(DT) 1992 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
IN THE ITAT, AMRITSAR BENCH
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