https://www.taxtmi.com/caselaws?id=404561 The Tribunal held that the Assessing Officer (A.O) failed to independently verify information received from the Directorate General of Income Tax (Investigation) before reopening the assessment under Section 147 of the Income Tax Act. The A.O's mechanical approach without forming a proper belief led to the quashing of the assessment. The addition of Rs. 10,000,000 as unexplained cash credits under Section 68 was not addressed on merits due to the lack of jurisdiction following the quashing of the assessment. The appeal of the assessee was allowed, setting aside the assessment framed under Section 143(3) read with Section 147. en-us Mon, 22 Feb 2021 00:00:00 +0530 Thu, 25 Feb 2021 09:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404561 The Tribunal held that the Assessing Officer (A.O) failed to independently verify information received from the Directorate General of Income Tax (Investigation) before reopening the assessment under Section 147 of the Income Tax Act. The A.O's mechanical approach without forming a proper belief led to the quashing of the assessment. The addition of Rs. 10,000,000 as unexplained cash credits under Section 68 was not addressed on merits due to the lack of jurisdiction following the quashing of the assessment. The appeal of the assessee was allowed, setting aside the assessment framed under Section 143(3) read with Section 147. Case-Laws Income Tax Mon, 22 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404561