Reopening of assessment based on wrong facts liable to be quashed: ITAT Mumbai

Team Global Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that once the issue of reopening was examined in the scrutiny assessment proceedings, the reason framed under wrong facts are not valid reason, therefore such reasons to believe cannot be sustained. Thus, reopening of assessment quashed. Facts- Subsequently information was received by AO that the assessee had received Rs. 35,00,000/- from one M/s. Tribhuvan Dealtrade Pvt. Ltd. and it was found that the transactions done had no economic rationale. M/s. TDPL was found to be a paper concern involved in providing accommodation ...