Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi) Basis of reasons recorded under section 148 is AIR (annually information return) information stating cash deposits of rupees 10,80,000 as income from unexplained sources coupled with the fact that no response was given by assessee to query put. That mere information from annual information return is made as the basis in the reasons without describing the contents of the information, when was the same received, bank account details, and most importantly the copy of the bank account which is made as basis of reopening was never gone through by the assess...