Reopening of assessment u/s 148 based on old information is invalid

DCIT Vs G.S. Atwal & Company (Engineers) Pvt. Limited (ITAT Kolkata) ITAT Kolkata held that original assessment was made under section 143(3)/147, i.e. scrutiny assessments. Further, there was no fresh information available with the revenue. Hence, reopening of assessments relying on the same information is invalid. Facts- The assessee was engaged as Del-credere commission agent by Tata Steel Limited. Post finalization of the assessment, the assessments was reopened via issuance of notice u/s 148 of the Income Tax Act. Additions was made by the AO with the aid of section 68 of the Act. On ...