Reassessment Invalid as AO Relied Solely on Investigation Report without Inquiry: ITAT Delhi

Marvelous Cement Pvt. Ltd. Vs ITO (ITAT Delhi) In this case, the Income Tax Appellate Tribunal (ITAT), Delhi, examined the validity of reassessment proceedings initiated under Section 147 of the Income-tax Act, 1961, for Assessment Year 2010-11. The assessee had originally filed its return declaring income of ₹7,64,430, which was first processed under Section 143(1) and later assessed under Section 143(3). Subsequently, the Assessing Officer (AO) reopened the assessment based on information received from the DCIT, Central Circle-2(2), Mumbai, alleging that the assessee had received two payme...