Reassessment Quashed for Borrowed Belief from ACB Report

Krunalkumar Virambhai Desai Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad Quashes Reassessment Based on ACB Information; Borrowed Satisfaction and Vague Reasons Vitiate Jurisdiction The Ahmedabad Bench of the ITAT allowed the assessee’s appeal for AY 2014-15 and quashed the reassessment framed under section 147 read with section 144B on the ground of invalid assumption of jurisdiction. The reopening was initiated solely on the basis of information received from the Anti-Corruption Bureau (ACB) regarding alleged disproportionate assets of the assessee’s father, a public servant, in which the asses...