Reassessment Quashed for Borrowed Belief from ACB Report

Krunalkumar Virambhai Desai Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad Quashes Reassessment Based on ACB Information; Borrowed Satisfaction and Vague Reasons Vitiate Jurisdiction

The Ahmedabad Bench of the ITAT allowed the assessee’s appeal for AY 2014-15 and quashed the reassessment framed under section 147 read with section 144B on the ground of invalid assumption of jurisdiction. The reopening was

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