Reopening based on mere information received from Income Tax Investigation Wing not valid

We have considered the rival submissions carefully and perused the order of the AO and the CIT(A). In this case of the assessee original assessment was framed in scrutiny assessment u/s 143(3) of the Act. Thereafter the completed assessment was sought to be reopened by the AO by issuance of the notice u/s 148 on the assessee on basis of reopening of the two assessments of the assessee by way of reasons recorded by the AO that information was received from investigation wing of the department as a result of search and seizure operation carried out against one Shri S.K. Gupta group of cases that...