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2023 (4) TMI 886 - ITAT DELHIValidity of Reassessment u/s 147/144 - non assuming jurisdiction as per law and without complying with the mandatory conditions u/s 147 to 151 - tangible material to initiate reopening - Borrowed satisfaction - non applIcation of mind by AO - HELD THAT:- There was AIR information available with the AO in the form tangible material and thereafter the AO proceeded to initiate reassessment proceedings and to issue notice u/s. 148 of the Act to the assessee. Analysis of reasons recorded by the AO clearly shows that except AIR information there was nothing else in the hands of AO at the time of initiating reassessment proceedings and the AO without applying mind to the information and without any further verification from the bank prosecute to record he had reason to believe that income has escaped assessment for A.Y. 2010-11. As decided in Bir Bahdur Singh Sijwali [2015 (2) TMI 60 - ITAT DELHI] we are inclined to hold that mere AIR information of cash deposit without any other information and verification or examination by the AO the AO is not entitle to assume valid jurisdiction to initiate reassessment proceedings u/s. 147 of the Act and issue notice u/s. 148 of the Act. Decided in favour of assessee.
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