Reopening u/s. 147 based on invalid reasons recorded by AO cannot be sustained: ITAT Hyderabad

Somnath Konduru Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that reopening of assessment under section 147 of the Income Tax Act on the basis of invalid reasons recorded by AO cannot be sustained in law. Accordingly, notice issued u/s. 148 and final assessment order is quashed. Facts- The assessee is a non-resident and has filed his original return of income for assessment year 2015-2016 on 22.12.2015 declaring total income of Rs.17,230/-. As per the 50C information disseminated by the I&CI-Wing, it is seen that the assessee had sold an immovable property vide sale deed dated 11.03.2014 fo...