Reasons are required to be recorded by the AO on valid material and an assessment cannot be reopened on mere assumptions

Weizmann Capital Ltd. Vs ACIT (ITAT Mumbai)- The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer independently to assess some other income. In the present case, t

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