Reassessment Quashed as AO Relied on Borrowed Satisfaction from Investigation Wing

Nirmala Agarwal Vs ACIT (ITAT Jaipur) The Jaipur ITAT allowed the assessee’s appeals and quashed the reassessment proceedings for Assessment Years 2007-08 and 2008-09, holding that the reopening of assessment under Sections 147/148 was invalid. The Tribunal found that the reassessment was initiated solely on the basis of information received from the Investigation Wing, Mumbai, without independent application of mind by the Assessing Officer and in violation of principles of natural justice. The assessee, a proprietor engaged in trading and export of precious and semi-precious stones, includ...