Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 1573 - AT - Income TaxReopening of assessment - reasons to believe escapement of income - Information of Non PAN AIR through CIB has been received that assessee has deposited cash- HELD THAT:-No such inquiry is evincible from the reasons recorded, as reproduced hereinabove. The AO, squarely, has not applied his mind to the information received, before recording the reasons. There is no quarrel, as none can be, regarding immunity of the sufficiency or otherwise of material from examination by the Court. This matter stands adverted to in the preceding para. Next, concerning the nexus between the material and the formation of the belief, the reasons recorded do not show such a nexus. Inquiry by the AO is this nexus and perusal of the reasons shows this nexus or link to be missing in the present case. So, ‘M/s Ginni Filaments’ [2011 (3) TMI 1756 - ALLAHABAD HIGH COURT] works in favour of the assessee, rather than against him. The grievance of the assessee by way of ground is found to be justified. It is accepted as such. The reasons recorded by the AO are, thus, held to be null and void.
|