Revenue Appeal Dismissed After Reassessment Fails on Legal Grounds

DCIT Vs Vedanta Resources Private Limited (ITAT Kolkata) Reopening Quashed for Borrowed Satisfaction Assessment Held Time-Barred – Revenue Appeal Dismissed The Kolkata ITAT allowed the assessee’s cross-objection and quashed the reassessment proceedings on two independent legal grounds. First, the Tribunal held that the reopening under Section 147 was invalid as it was based purely on information from the Investigation Wing without any independent application of mind by the Assessing Officer. The reasons recorded were found to be cryptic, vague and merely a reproduction of the investigation...