https://www.taxtmi.com/caselaws?id=753809 The ITAT Kolkata quashed a notice issued u/s 148 for reassessment proceedings. The AO initiated reopening based on alleged credible information that the assessee received Rs. 35 lakh from a party, but failed to substantiate this claim. The assessee's statement showed only Rs. 20 lakh was received. The AO mechanically accepted information without applying his mind or examining its basis. Additionally, the same transaction with the same entity was scrutinized in the preceding assessment year without any addition. The tribunal held the information was not credible and the AO's non-application of mind rendered the notice unsustainable in law. en-us Thu, 02 May 2024 00:00:00 +0530 Tue, 11 Jun 2024 07:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753809 The ITAT Kolkata quashed a notice issued u/s 148 for reassessment proceedings. The AO initiated reopening based on alleged credible information that the assessee received Rs. 35 lakh from a party, but failed to substantiate this claim. The assessee's statement showed only Rs. 20 lakh was received. The AO mechanically accepted information without applying his mind or examining its basis. Additionally, the same transaction with the same entity was scrutinized in the preceding assessment year without any addition. The tribunal held the information was not credible and the AO's non-application of mind rendered the notice unsustainable in law. Case-Laws Income Tax Thu, 02 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753809