ITAT quashed Reassessment based on borrowed satisfaction & without independent application of mind 

Vishal Aggarwal Vs ITO (ITAT Delhi) ITAT held that Income Tax reassessment initiated on the basis of borrowed satisfaction without any independent application of mind by Assessing Officer is liable to be quashed. ITAT find that there has been no independent application of mind by the Assessing Officer and the satisfaction is completely based on the input by the Investigation Wing. The facts have not been correlated and there is no linkage between the documents received, sum of the quantity of shares purchased, sum of the trade value as alleged and sum of the quantity of shares purchased, sum o...