Reopening based on borrowed satisfaction is invalid

Surani Steel Tubes Limited Vs ITO (Gujarat High Court) High Court noted that the entire base for reopening assessment is on the premise that there was ‘information’ supplied by the Investigation Wing and the Assessing Officer has made cursorily reference to high value transaction of Rs.26,42,027/- as well as also referred to accommodation entry entered upon by the petitioner Company by way of bogus sales / purchases / fictitious loans etc. Thus, it appears that the reasons for reopening of the assessment in the case of petitioner Company for annual assessment year 2014-15/2015-16 b...