TMI BlogReopening of assessment u/s 147 - the AO has merely gone by the CIB report and was not even in...Reopening of assessment u/s 147 - the AO has merely gone by the CIB report and was not even in possession of the sale deed and the exact specifics of the transaction at the time of recording of reasons and therefore, it is a case where the proceedings are vitiated for want of tangible material in possession of the AO and lack of reason to believe which is more in the realm of suspicion rather than formation of opinion that income has escaped assessment. The reasons thus recorded and/or the docum..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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