Mere Vague Air Information of Cash Deposit Not Sufficient to believe Escapement of Income

Harmeet Singh Vs ITO (ITAT Delhi) At the time of hearing, Ld. Counsel of the assessee has only argued the legal ground and stated that the reopening action of the AO and confirmation thereof by the Ld. CIT(A) is in violation of mandatory jurisdictional conditions stipulated under the Act. It was further stated that the reopening action of AO u/s. 148 of the Act on non existing basis of cash deposits with Centurian Bank of Punjab which was not proved till passing of final order and an unsubstantiated & vague AIR information is sole basis of entire order. It was further stated that in this c...