Reopening u/s 148 justified as assessment order suffered from non-application of mind

ITO Vs Gungun Gold Infra Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that assessment order suffered from non-application of mind and also overt omission and failure on the part of the assessee to disclose fully and truly all material facts as were necessary for the assessment. Accordingly, reopening of assessment u/s 148 justified. Facts- Post investigation, it was observed that the turnover declared by the Assessee was Rs. 500 except with no other expense or income declared. Huge cash deposit during the period between 01.04.2009 to 31.03.2010 in the Assessee’s bank account was found particularly...