reassessment proceedings are bad in law
as there was no tangible material with the Assessing Officer
with respect to the amounts received by the assessee ... stage,
the Bench asked the ld. Sr. Standing Counsel whether any
tangible material came in the possession of the ld. Assessing
Officer at the later
further
submitted by Mr Monga that there was no tangible material that the AO
came across to justify forming 'reasons to believe' that ... supra) and held that the record does not show "any tangible material that
created the reason to believe that income had escaped assessment. Rather
with
them, kindly provide the same since this would be
"tangible material" for the purpose of sec. 148.
Page 5 of 34
Downloaded ... which is
based on mere general observation nor there is any
tangible material or nexus with the so called
escapement of income and therefore
assessee on account of borrowed satisfaction
and without any tangible material in his possession before recording the
reasons for reopening the case.
19. In support ... DCIT, Jaipur
enquiries conducted by the Investigation wing which forms a tangible material
forms a reasonable belief that the income in the hands
material or if there are existing facts, then, there must be enquiry into the
materials available. Thus, we noted that requirement of fresh material ... material available with the AO on the
basis of the return filed by the Assessee. Requirement of new material or fresh
tangible material coming
reopening is
not an empty formality. There has to be relevant tangible material for
the AO to come to the conclusion that there is escapement ... information received
from the Inv. Wing cannot be said to be tangible
material per se without a further enquiry being
undertaken by the learned assessing
information received
from the Inv. Wing cannot be said to be tangible
material per se without a further enquiry being
undertaken by the learned assessing ... reproduction of
investigation report in reasons recorded absence of
link between tangible material and formation of
ceding illegal Income
change of opinion' without there
being any new tangible material in his possession subsequent
to completion of original assessment ... material which is already on record and
there is no new tangible material to justify the reopening. The
items of incomes considered to arrive
reassessment proceedings not on the basis of any
fresh tangible material coming to his notice after the culmination of the regular
assessment that was framed ... observations, we are of the considered view that de
hors any tangible material and/or information which could have formed a basis
Revenue was only to demonstrate the existence of
tangible material which formed the basis of formation of a belief by the AO
that the income ... escaped assessment. This tangible material was in the
form of an investigation report of the DIT(I) which was mentioned in the
reasons
