Reopening under section 147 without tangible material is invalid: ITAT Chennai

Minal Shroff Vs ITO (ITAT Chennai) ITAT Chennai held that material/ information referred by AO in reasons recorded cannot be held to be tangible material hence reopening of assessment under section 147 of the Income Tax Act without tangible material is invalid. Facts- Post scrutiny assessment, the case of the assessee was reopened after the expiry of four years vide notice u/s. 148 of the Income Tax Act. Assessee mainly contested the reopening since the details with regard to LTCG/ exempt income of Rs. 96,73,796/- was already submitted by the assessee during original assessment. However, AO tr...