Reopening for Mere High Turnover in bank account not justified

ITO Vs Deepak Bajaj (ITAT Kolkata) In this case the only information which was available to the Assessing Officer was that there were turnover of more than Rs.3 crores out of which there was withdrawal of cash was Rs.94.97 lacs in the bank account of the assessee. Except the aforesaid information, there was no information available to the Assessing Officer that the income of the assessee in any manner has escaped assessment. Even the Assessing Officer did not correlate the aforesaid transaction in the bank account with the accounts of the assessee to form the belief regarding the escapement of...