[aaykarbhavan] Reassessment quashed as it was made merely on basis of suspicion as per info provided by Enforcement Directorate

 

Reassessment quashed as it was made merely on basis of suspicion as per info provided by Enforcement Directorate

December 18, 2014[2014] 51 taxmann.com 349 (Delhi - Trib.)/[2014] 33 ITR(T) 526 (Delhi - Trib.)

IT: Where AO recorded that all cash collected against sales of tickets by agent of airlines were duly recorded, he could not reopen assessment merely on basis of information of Enforcement Directorate that source of cash was not substantiated

IT: In order to make a reasonable belief in terms of section 147, Assessing Officer should be in possession of some valid information which should have a live nexus with assessee's record of income

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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