Reopening u/s 148 fails as was based on material which no longer exists as being legally incorrect

Citicorp Trustee Company Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that the material/information on which AO have re-opened the assessment is no longer existing being legally incorrect. Hence, action of AO to have issued notice of re-opening of assessment u/s 148 of the Act itself fails. Facts- The assessee is a company incorporated in the United Kingdom. The assessee company acted as a trustee for bond issuance in the capital markets M/s. Bharat Forge Ltd which had issued earlier US 39.9 millions Zero Coupon, Tranche B Convertible bonds; and redeemed the bonds and the total redemption payab...