Reassessment u/s. 148 without any tangible material is liable to be quashed

Shroff Properties Pvt. Ltd. Vs ITO (ITAT Kolkata) ITAT Kolkata held that re-assessment proceedings initiated under section 148 of the Income Tax Act without any tangible material and without independent application of mind is not sustainable in law. Accordingly, reassessment is quashed. Facts- Assessee has preferred the present appeal. The assessee has raised various grounds of appeal. The grievance of the assessee is twofold, firstly on the legal issue challenging the validity of reopening proceedings contending them to be bad in law and based on borrowed satisfaction without establishing any...