Reassessment u/s. 148 is invalid if based on borrowed satisfaction: ITAT Hyderabad

Krishna Murthy Vs DCIT (ITAT Hyderabad) ITAT Hyderabad held that re-assessment under section 148 merely based on borrowed satisfaction, without any independent verification and application of mind, is invalid and liable to be quashed. Accordingly, notice u/s. 148 and consequent order quashed. Facts- The assessee is an individual and chairman & M.D of M/s. Bharat Biotech International Ltd. The assessment of the assessee was subsequently reopened u/s 147 of the I.T. Act, 1961, for the reasons recorded as per which, income chargeable to tax has been escaped the assessment. According to AO, M/...