Reopening based on borrowed satisfaction without independent application of mind not sustainable

PCIT Vs Agfa India Pvt. Ltd. (Bombay High Court) Bombay High Court held that reopening of assessment by AO by merely acting under dictation or on borrowed satisfaction without independent application of mind to materials on record is not justifiable in law. Hence, appeal of revenue liable to be dismissed. Facts- The assessee, engaged in the business of distributing photographic and electronic imaging systems. The Respondent’s return was selected for scrutiny assessment, and the original assessment was completed u/s. 143(3) of the Income Tax Act, 1961 on 22 December 2010 by accepting the retu...