TMI Blog2021 (12) TMI 1140X X X X Extracts X X X X X X X X Extracts X X X X ..... ven a cursory reference to Petitioner. There is no link between the information received from the DDIT and Petitioner. The information / material received is not further linked by any reason to come to the conclusion that Petitioner has indulged in any activity which could give rise to reason to believe on the part of the Assessing Officer that income chargeable to tax has escaped assessment. Recorded reasons even does not indicate the amount which according to the Assessing Officer has escaped assessment. In our view, this is evidence of a fishing enquiry and not a reasonable belief that income chargeable to tax has escaped assessment. Moreover, AO alleges that substantial income (specified as above) chargeable to tax has escaped asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the reasons is annexed to the Petition. We have considered the reasons recorded with the assistance of Mr. Madhur Agrawal, learned Counsel for Petitioner. No reply has been filed by Respondents though time was granted on 27/11/2019. 2. We find that there is no material forming the basis for reopening the assessment that would evidence the linkage / nexus to the conclusion that Petitioner s income chargeable to tax has escaped assessment. The Court has to examine whether the reasons to believe has rational connection with the formation of the belief. There must be a live link between the material connecting the notice of the Assessing Officer and the formation of belief regarding escapement of income. Paragraph 12 of the Judgment of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suspicious / questionable transactions. The entire information received has been reproduced in the reasons. In the information so reproduced, there is no mention or even a cursory reference to Petitioner. There is no link between the information received from the DDIT and Petitioner. The information / material received is not further linked by any reason to come to the conclusion that Petitioner has indulged in any activity which could give rise to reason to believe on the part of the Assessing Officer that income chargeable to tax has escaped assessment. Perhaps, it is for this reason that the recorded reasons even does not indicate the amount which according to the Assessing Officer has escaped assessment. In our view, this is evidence of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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