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2020 (12) TMI 1026 - AT - Income TaxReopening of assessment u/s 147 - AO had received information from the Investigation Wing about certain entries made/provided by one Shri Vipin Garg, at Tamilnadu, as per the information, the assessee had received an amount from the concern belonging to said Vipin Garg - HELD THAT:- Information, though relevant, but was needed to be examined and verified with the accounts as well as the Income-tax return filed by the assessee. However, the Assessing Officer wrongly recorded that assessee had not filed any return of income. This fact recorded by the Assessing Officer itself shows that the Assessing Officer has not consulted the relevant record pertaining to the Income-tax return of the assessee and without consulting the relevant record, the Assessing Officer formed the belief on the basis of the information received from the Investigation Wing. The said information, should have been verified after correlating with the records of the assessee and thereafter the AO could have formed the belief that the said amount shown to have been received by the assessee from a concern of Shri Vipin Garg was, in fact, an accommodation entry or not. Assessing Officer had failed to properly apply his mind and the belief formed by the Assessing Officer regarding escapement of income of the assessee was based on mere suspicions only. Therefore, the reopening of the assessment without a reasonable belief formed by the Assessing Officer by applying his mind, cannot be held valid. - Decided in favour of assessee.
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