https://www.taxtmi.com/caselaws?id=756833 The ITAT Amritsar quashed the reopening of assessment under section 148/147 and addition under section 69A relating to cash deposits and accrued interest. The AO relied solely on AIR information without examining bank statements provided by the assessee during proceedings, constituting non-application of mind. The tribunal held that reopening based merely on AIR information without verification is bad in law, following SC precedent in Kelvinator of India Ltd. The reasons recorded contained factual errors rendering the section 147 notice void ab initio. The assessment based on wrong assumption of facts was quashed in favor of the assessee. en-us Fri, 26 Jul 2024 00:00:00 +0530 Mon, 16 Mar 2026 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756833 The ITAT Amritsar quashed the reopening of assessment under section 148/147 and addition under section 69A relating to cash deposits and accrued interest. The AO relied solely on AIR information without examining bank statements provided by the assessee during proceedings, constituting non-application of mind. The tribunal held that reopening based merely on AIR information without verification is bad in law, following SC precedent in Kelvinator of India Ltd. The reasons recorded contained factual errors rendering the section 147 notice void ab initio. The assessment based on wrong assumption of facts was quashed in favor of the assessee. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756833