AO cannot Review Original Assessment without any Fresh Tangible Material

Pr. CIT Vs. Ram Kumar Duhan (Punjab and Haryana High Court) In this case transfer of land in favor of the Assessee was to facilitate the conversion of agricultural land to non-agricultural land as per the state laws. The land though in the name of the Assessee was shown in the balance sheet of the company and the Memorandum of Association entered between the company and its Directors was that property will be in name of Directors but it will remain the property of the Company. Even the AO in its remand report admitted that the sale proceeds were received by the Company and the assessment of th...