https://www.taxtmi.com/caselaws?id=751705 The ITAT Mumbai quashed the assessment order and notice issued u/s 148, ruling that the AO failed to independently apply his mind before reopening the assessment. The reopening was based solely on an investigation report from ADIT (Investigation), Kolkata regarding cash deposits and transfers through ICICI Bank accounts. The tribunal found no demonstrative evidence that the assessee purchased cheques by paying cash to the developer company. The AO's conclusions merely reproduced the investigation report, constituting "borrowed satisfaction" without independent analysis. The tribunal noted that even if the assessee was a beneficiary, loan amounts are capital receipts subject only to s.68 provisions, not income escapement under s.148. The assessee's appeal was allowed. en-us Fri, 19 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 09:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751705 The ITAT Mumbai quashed the assessment order and notice issued u/s 148, ruling that the AO failed to independently apply his mind before reopening the assessment. The reopening was based solely on an investigation report from ADIT (Investigation), Kolkata regarding cash deposits and transfers through ICICI Bank accounts. The tribunal found no demonstrative evidence that the assessee purchased cheques by paying cash to the developer company. The AO's conclusions merely reproduced the investigation report, constituting "borrowed satisfaction" without independent analysis. The tribunal noted that even if the assessee was a beneficiary, loan amounts are capital receipts subject only to s.68 provisions, not income escapement under s.148. The assessee's appeal was allowed. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751705