Reopening untenable as no nexus between material and belief of AO of escapement of income

Bhavi Leasing & Finance Ltd. Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that reopening of assessment unsustainable in absence of nexus between material coming to the knowledge of the AO And formation of his belief of escapement of income. Facts- Reopening of the assessee’s case and reassessment done under section 147 has been challenged on various grounds. Before us, the ld.counsel for the assessee primarily challenged reopening for the following reasons: i) Reasons did not reveal any escapement of income in the case of the assessee; ii) No addition was made of the income which the AO h...