Reopening of assessment without valid reason is bad in law

Advertisement Amin  Badruddin Keshwani Vs CIT (ITAT Mumbai) ITAT Mumbai held that reopening of assessment without valid reason or intangible material, merely on the basis of information from Electricity Authroity, is not sustainable in the eye of law. Facts- Assessee is engaged in manufacturing of steel wool. On the basis of information received from Electricity Authorities vide letter V&S/ENF/874 dated 18.03.2006 that the assessee had consumed 37.3 units of electricity per hour in his factory out of which steel wool making machine consumed 29.84 units electricity per hour i.e. 80% of ...