Re-assessment notice quashed due to lack of credible evidence; proceedings based on mere suspicion and conjecture.

Re-assessment notice quashed due to lack of credible evidence; proceedings based on mere suspicion and conjecture. https://www.taxtmi.com/highlights?id=33720 Re-assessment - the information was restricted to cash deposits in bank account but there was no material much less tangible, credible, cogent and relevant material to form a reason to believe that cash deposits represented income of the assessee; that the proceedings initiated are based on surmises, conjectures and suspicion - Notice quashed - AT en-us Tue, 14 Mar 2017 09:51:35 +0530 Tue, 14 Mar 2017 09:51:35 +0530 TaxTMI RSS Generator Re-assessment notice quashed due to lack of credible evidence; proceedings based on mere suspicion and conjecture. https://www.taxtmi.com/highlights?id=33720 Re-assessment - the information was restricted to cash deposits in bank account but there was no material much less tangible, credible, cogent and relevant material to form a reason to believe that cash deposits represented income of the assessee; that the proceedings initiated are based on surmises, conjectures and suspicion - Notice quashed - AT Highlights Income Tax Tue, 14 Mar 2017 09:51:35 +0530 https://www.taxtmi.com/highlights?id=33720