Initiation of re-assessment proceeding only on suspicion is unauthorized

Magan Veer Vs ITO (ITAT Delhi) ITAT Delhi held that initiation of reassessment proceedings without applying his mind based only on the sole reason that as per AIR information assessee has deposited cash in his savings bank is without authority of law. Facts- The assessee submitted that the CIT(A) has erred in law in framing the impugned reassessment order u/s 147/144 of the Act that too without assuming jurisdiction and without complying with the mandatory conditions u/s 147 to 151 of the Act. Assessee also submitted that the CIT (A) has grossly erred in confirming the action of AO in framing ...