Reassessment proceeding based on other officer’s information without cogent material unjustified

Bhaijee Commodities Pvt Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that initiation of reassessment proceedings u/s 147 of the Income Tax Act merely on the basis of information from other officer without cogent and demonstrable material unjustified.

Facts- The assessee-company is a brokerage house engaged in the services of commodities. The assessee has inter alia executed transactions towards commodities trading on by using National Multi-Commodity Exchange (NMCE) platform t

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