https://www.taxtmi.com/caselaws?id=457767 The ITAT Delhi set aside reassessment proceedings initiated under section 147, ruling that the notice under section 148 was invalid. The tribunal found that the Assessing Officer failed to independently apply mind and merely relied on the Investigation Wing's report without examining its correctness and reliability. The AO's satisfaction was deemed inadequate, being similar to another case and lacking independent reasoning. The reassessment proceedings were quashed for non-compliance with legal requirements, and the assessee's appeal was allowed. en-us Fri, 12 Apr 2019 00:00:00 +0530 Thu, 26 Sep 2024 23:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457767 The ITAT Delhi set aside reassessment proceedings initiated under section 147, ruling that the notice under section 148 was invalid. The tribunal found that the Assessing Officer failed to independently apply mind and merely relied on the Investigation Wing's report without examining its correctness and reliability. The AO's satisfaction was deemed inadequate, being similar to another case and lacking independent reasoning. The reassessment proceedings were quashed for non-compliance with legal requirements, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457767