TMI Blog2021 (3) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... mation received by him from the Investigation Wing with the Income-Tax Return/accounts of the assessee. He reopened the assessment on the basis of borrowed satisfaction without verifying about the genuineness of the information received. Such an information from Investigation Wing may give the AO the reasons to suspect, but the same does not constitute reasons to believe, until and unless the Assessing Officer satisfies himself about veracity of the information received from the Investigation Wing so as to form the belief that the income of the assessee for the year under consideration has escaped assessment. The necessary ingredients of forming belief by the Assessing Officer of escapement of income are missing in this case. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unts but the CIT considered it as undisclosed income. The appellant pleads that the said income of Rs.4,00,000/- should not be treated as bogus. 4. That the appellant craves leave to add, amend, modify, and withdraw one or more grounds of appeal either before or during the course of hearing. 2. The assessee has taken the following additional grounds of appeal: FOR THAT the ld. Commissioner of Income Tax (Appeals)-2, Guwahati failed to appreciate that none of the conditions precedent existed and/or have been complied with and/or fulfilled by the Ld. Income Tax Officer, Ward-4(2), Guwahati for his assumption of jurisdiction u/s 147 of the Income Tax Act, 1961 and the alleged assessment order dated 21.12.2018 passed u/s 143(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reasons to believe that the amount of Rs 4,00,000/- has escaped assessment within the meaning of section 147 of the Income-tax Act. 1961 for the F.Y. 2010-11 relevant to the Asst. Year 2011-12. 6. The ld. Counsel for the assessee by bringing my attention to the aforesaid reasons recorded by the Assessing Officer has submitted that a perusal of the above reasons recorded shows that the Assessing Officer has not made independent application of his mind. The reopening of assessment has been done on the basis of borrowed satisfaction of the Investigation Wing. That no name has been mentioned in the reasons recorded of the Jamakharachi/shell concerns from whom the assessee allegedly routed the unaccounted income. The ld. Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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