Re-opening u/s. 147 quashed as not based on tangible material: Madras HC

VIP Housing and Properties Vs DCIT (Madras High Court) Madras High Court held that re-opening of assessment u/s. 147 must be based on some tangible material without such tangible material, re-opening is merely inspired from change of opinion and hence the same is liable to be quashed. Facts- During the course of search and seizure operation, the following amounts were seized: Rs. 1,77,50,045/- from the office premises of VIP Housing, Rs.50,00,000/- was seized from the residence of Shri Dhanapal, Rs.50,00,000/- and gold of Rs.38,69,168/- seized from VIP City. The case was centralized with this ...