Mere information regarding income escapement can be considered valid for the purpose of sec. 147

Whether failure on part of AO for examining truly and fully all the material facts by the assessee could lead to reassessment and also mere information regarding income escapement can be considered valid for the purpose of sec. 147? Held No, in this case, the AO issued notice u/s 148 on the basis of the letter of DIT (Inv.) which was vaguely referred and also the facts as contained in the said communication were not mentioned. On examining the facts and Audi Partem Alteram, it was concluded as the reassessment proceedings was carried out without any material facts and were completely vague and...