Reassessment proceeding u/s 147 based on information from investigation wing valid

M P Ferrous And Non Ferrous India Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that initiation of reassessment proceedings under section 147 of the Income Tax Act based on the information received from the investigation wing is valid and sustainable in law. Facts- AO vide order passed u/s. 143(3) read with section 147 of the Act did not agree with the submissions of the assessee and held that mere payment by cheques is not sufficient to prove that the transaction is genuine. The AO further held that the assessee has not proved the genuineness of the existence of the party and no serious ef...