Reopening u/s. 147 quashed as based on vague reasons and non-application of mind

Regis Industries Limited Vs ITO (ITAT Kolkata) ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything as there was gross non-application of mind by the Assessing Officer. Accordingly, reopening of assessment u/s. 147 is quashed. Facts- AO reopened the case of the assessee u/s 147 of the Act by issuing notice u/s 148 of the Act on 29.07.2016, after receiving a letter dated 16.03.2016, from ITO (Inv.), unit-1, Kolkata, in which it was stated that assessee received money after huge cash was deposited in the individuals cu...