Contradiction In Reasons Recorded & Assessment makes reassessment proceedings a nullity

Balbir Investment Pvt. Ltd. Vs ITO (ITAT Delhi)

A perusal of the reasons recorded by the Assessing Officer shows that he has reopened the assessment by recording the reasons that shares of G.J. Holdings has been procured by Blabir Investments Pvt. The relevant observations of the Assessing Officer in the reasons recorded by the Assessing Officer have already been reproduced in the earlier paragraphs which clearly show that the case of the assessee was reopened on the ground that it has invested in the shares G.J. Holding Ltd. to the extent of Rs.5,40,00

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