Reassessment merely on Investigation officer report is unsustainable

Advertisement Ashapura Minichem Limited Vs DCIT (ITAT Mumbai) The issue under consideration is whether the re-opening of assessment u/s 147 is justified in law? The assessee before us is a listed public limited company engaged in the business of mining bauxite and selling the same in domestic as well as international market. In the present case the Assessing Officer re-opened the assessment under section 147 and 148 of the Income Tax Act, 1961 on the basis of the report of Justice M B Shah Commission. ITAT states that the material facts of the present case being identical in as much as the ...