AO must establish a live-link between escapement of income vis-à-vis Fresh information

ITO Vs Gujarat Storages P.Ltd. (ITAT Ahmedabad) As far as banking transactions are concerned, these details were available with the AO. This information was given in the audited accounts. Any transactions shown in the bank statement could never be construed per se as an escaped income. It is the AO who has to form his opinion as to how the transaction appearing in the bank account could be treated as escaped income. There is no logical analysis of the information received from the DGIT (Investigation) establishing the direct nexus between the information vis-à-vis escaped income available in ...