Reassessment not valid on mere information of investigation wing as no direct nexus establishes with income escapement

Brief of the Case

ITAT Delhi held In the case of ITO vs. M/s Shakti Securities Pvt. Ltd. that merely based on investigation wing information without surveillance of substantiation and without any statement being mentioned therein and without nature of transaction being narrated therein and without tangible material, and further without application of mind on amount of income escaping assessment, shows that the reopening is bad in law and needs to be quashed. The present case is squarely covered by the

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