ITAT Quashes reassessment proceeding initiated merely based on Investigation Wing report without application of Mind

M/s Nishit Fincap Private Limited Vs ITO (ITAT Delhi)

In this case The original assessment was completed u/s 143(3) on 03.12.2010 determining the total income at Rs.48,360/-. I find the assessment in this case was reopened on the basis of information obtained from the Investigation Wing, according to which, during the search and seizure operations u/s 132/133A in the case of Mr. Surender Kumar Jain and group of cases and post search enquiries/verification, it is established that the Sh. S.K. Jain, who is kno

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