Reassessment u/s. 148 based on suspicion without cogent material is bad-in-law

Amandeep Singh Vs DCIT (ITAT Delhi) ITAT Delhi held that initiated the reassessment proceedings under section 148 of the Income Tax Act only on the basis of suspicion of involvement in money laundering activity without cogent material brought is bad-in-law. Accordingly, appeal allowed. Facts- The assessee filed its return of income on 14.10.2010 declaring total income of Rs.10,97,140/-. Subsequently, proceedings were initiated u/s. 148 of the Income-tax Act. Accordingly, notice u/s 148 was issued and served on the assessee on 31.03.2017 after obtaining approval from Pr.CIT-4, New Delhi. Based ...