Reassessment proceeding based on other officer’s information without cogent material unjustified

Bhaijee Commodities Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that initiation of reassessment proceedings u/s 147 of the Income Tax Act merely on the basis of information from other officer without cogent and demonstrable material unjustified. Facts- The assessee-company is a brokerage house engaged in the services of commodities. The assessee has inter alia executed transactions towards commodities trading on by using National Multi-Commodity Exchange (NMCE) platform through certain brokers and sub-brokers. On the basis of certain information received from investigation wing of the depR...