https://www.taxtmi.com/caselaws?id=348209 The court quashed the reopening of the assessment under section 147/148 of the Income Tax Act as the reasons provided by the Assessing Officer were found to be mere conclusions without independent verification, constituting "borrowed satisfaction" from the Investigation Wing's report. The addition of Rs. 27,54,000 on account of share application money and commission expenditure was also deleted as it lacked independent analysis and verification. The court emphasized the necessity for tangible material linking the information to the belief that income had escaped assessment. The appeal of the assessee was allowed, and the order was pronounced in open court. en-us Fri, 15 Sep 2017 00:00:00 +0530 Mon, 18 Sep 2017 06:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348209 The court quashed the reopening of the assessment under section 147/148 of the Income Tax Act as the reasons provided by the Assessing Officer were found to be mere conclusions without independent verification, constituting "borrowed satisfaction" from the Investigation Wing's report. The addition of Rs. 27,54,000 on account of share application money and commission expenditure was also deleted as it lacked independent analysis and verification. The court emphasized the necessity for tangible material linking the information to the belief that income had escaped assessment. The appeal of the assessee was allowed, and the order was pronounced in open court. Case-Laws Income Tax Fri, 15 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348209