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The assessing officer (AO) recorded vague reasons for reopening the assessment, merely stating that information was received about the assessee depositing cash of Rs. 10 lakhs or more in a savings bank account, without specifying the exact amount, bank account details, or date of transaction. The assessee contended that the reasons lacked credible information to form a belief that income had escaped assessment. The Appellate Tribunal held that the reasons recorded were general and vague, and the AO did not possess any credible information before reopening the assessment. Consequently, the reassessment proceedings u/s 143(3) read with Section 147 of the Act were quashed, and the assessee's appeal ground was allowed.
The assessing officer (AO) recorded vague reasons for reopening the assessment, merely stating that information was received about the assessee depositing cash of Rs. 10 lakhs or more in a savings bank account, without specifying the exact amount, bank account details, or date of transaction. The assessee contended that the reasons lacked credible information to form a belief that income had escaped assessment. The Appellate Tribunal held that the reasons recorded were general and vague, and the AO did not possess any credible information before reopening the assessment. Consequently, the reassessment proceedings u/s 143(3) read with Section 147 of the Act were quashed, and the assessee's appeal ground was allowed.
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