Reopening in absence of fresh tangible material to form an opinion is invalid

Best Cybercity (India) Pvt. Ltd. Vs. ITO (Delhi High Court) In the present case all the material that was necessary for the AO to form an opinion regarding the transaction involving the Assessee and PACL was already available with the AO. There was no fresh tangible material on the basis of which the AO could have formed an opinion about any taxable having escaped assessment during the AY in question. Also, the reasons recorded by the AO for re-opening the assessment do not refer to the above facts. It merely repeats the language of Section 147 that there was a failure by the Assessee to discl...