Reassessment u/s 147 without any tangible material to support escapement of income not justified

SPR & RG constructions Pvt. Ltd. Vs ACIT (ITAT Chennai) The issue under consideration is whether the reasons for reopening of assessment u/s 147 are justified? The reasons recorded for reopening are on the basis of the audited accounts of the assessee i.e., specifically perusal of Schedule 30 of the profit and loss account and on that very basis the reopening is made. From the above reasons recorded, which are reproduced above, it is clear that the AO has reopened the assessment based on the information already available in the assessment record at his disposal and nothing new information ...