No Reassessment Without Reasoning to Support Income Escape Claim

Well Trans Logistics India Pvt. Ltd. Vs ACIT & Ors (Delhi High Court) No reassessment as not even a line of reason which may justify information of belief that income escaped assessment Conclusion: Reassessment under section 147 was not justified as there was no “close nexus” or “live link” between tangible material and the reason to believe that income had escaped assessment. The information received from the Investigating Unit of the Revenue could not be the sole basis for forming a belief that income of the assessee had escaped assessment. Held: Assessee was engaged in the busin...