Re-assessment based on information from DIT(Inv.)-II office is sustainable

Minakshi Builders Vs CIT (ITAT Pune) ITAT Pune held that information from the office of DIT (Inv.)-II is a tangible information enabling AO to form a belief that income has escaped assessment and hence proceedings of re-assessment justified. Facts- Based on the information that appellant is a beneficiary of accommodation entries of bogus unsecured loan and advances, a notice u/s 148 of the Income Tax Act, 1961 was issued and the case was taken for scrutiny assessment. Despite several notices of hearing, the appellant only provided a bald explanation stating that the loans and advances were boo...