Reassessment u/s. 147 without new tangible material is unsustainable

Showtime Events [I] Pvt Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that assuming jurisdiction under section 147 of the Income Tax Act without new tangible material is unsustainable and hence the entire reassessment is null and void. Facts- The assessee filed its return of income declaring total income. Returned income included a sum of Rs. 2,78,75,055, which was part of the fees received from TATA Steel Limited on account of an event to be organized by the assessee for TATA Steel Limited. The company informed the assessee that due to some unavoidable circumstances, the centenary celebrations eve...