ITAT quashed reopening of assessment initiated by AO merely based on information received from investigation wing

Navkar Enterprises Vs ACIT (ITAT Mumbai) Mumbai ITAT has quashed the reopening of assessment under section 147 made by the AO only on the basis of information received from the report of investigation wing. According to the AO, Shri Pravin Kumar Jain was providing accommodation entries of bogus sales through various benami concerns run by him and has admitted of doing such activities in his statement which was recorded u/s. 132 (4) of the Income Tax Act, 1961. According to the AO from the documents / statement of Shri Pravin Kumar Jain, he got information that the assessee is one of the benef...