Reasons for reopening found to be non-existent, such defect is not curable by applying section 292B

Viswanathan Securities Pvt. Ltd. Vs ACIT (ITAT Delhi) ITAT Delhi held that AO drew belief on the reasons which were later found to be totally non-existent. Such defect in the reasons cannot be ascribed as a mere technical irregularity and consequently defect cannot be cured by applying Section 292B of the Income Tax Act. Facts- The assessee-company is engaged in the business of dealing in shares and securities in its own name and also acting as sub-brokers. The assessee company filed its ROI on 30.09.2010 declaring income at Rs.28,95,180/- for A.Y. 2010-11. Subsequently, certain information we...